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/raid1/www/Hosts/bankrupt/TCR_Public/220802.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, August 2, 2022, Vol. 26, No. 213 Headlines 3200 MYERS: Amends Unsecured Claims; Confirmation Hearing Sept. 14 ABILITY INC: Tel Aviv Court Names Gil Oren as Temporary Trustee AEARO TECHNOLOGIES: 3M Use of Bankruptcy to Fight Suits Questioned AEARO TECHNOLOGIES: Plaintiffs' Attorney Says $1B Fund Not Enough AEARO TECHNOLOGIES: Strikes Deal to Extend Earplug Lawsuit Schedule AEARO TECHNOLOGIES: Veteran Slams Bid to Undo $50M Verdict AGILE THERAPEUTICS: Amends Commercialization Agreement With Corium AIJOBORY INVESTMENT: Voluntary Chapter 11 Case Summary ALL YEAR HOLDINGS: Taps Conyers Dill & Pearman as BVI Counsel ALLIGATOR COMPUTER: Amends US Bank Secured Claims Pay Details APPLIED DNA: John Bitzer III to Retire From Board ARMSTRONG FLOORING: AHF Closes Purchase of US Assets AVAYA HOLDINGS: S&P Cuts ICR to 'CCC' on Performance, Outlook Neg. BLACKROCK INTERNATIONAL: Sept. 13 Plan Confirmation Hearing Set BRAVO MULTINATIONAL: Incurs $127K Net Loss in Second Quarter BROOKLYN IMMUNOTHERAPEUTICS: Chief Scientific Officer Resigns BUCKINGHAM TOWER: Seeks to Hire Penachio Malara as Legal Counsel CC HILLCREST: Voluntary Chapter 11 Case Summary CEDAR HAVEN: Amended Combined Disclosure & Plan Confirmed by Judge CELSIUS NETWORK: Seeks to Keep Ex-CFO Bolger as Advisor CORSICANA BEDDING: Seeks to Hire A&G Realty Partners as Consultant CORSICANA BEDDING: Seeks to Hire Jones Walker as Corporate Counsel CREATD INC: Delivers Regulation SHO Notification to D.F. King CREEPY COMPANY: Case Summary & 20 Largest Unsecured Creditors DAYBREAK OIL: Incurs $1.2M Net Loss in Quarter Ended May 31 DESERT INSTITUTE: Voluntary Chapter 11 Case Summary DIGIPATH INC: President Buys 1,000 Series C Preferred Shares DRALA MOUNTAIN: Projected Disposable Income to Fund Plan EKSO BIONICS: Incurs $3 Million Net Loss in Second Quarter ENJOY TECHNOLOGY: Seeks to Hire Cooley LLP as Legal Counsel ENJOY TECHNOLOGY: Seeks to Hire PricewaterhouseCoopers as Auditor ENJOY TECHNOLOGY: Seeks to Hire Ropes & Gray as Special Counsel EYP GROUP: $70.4M Sale to Page to Fund Plan Payments FOTEH'S TANDOORI: Unsecured Will Get 50% of Claims in Plan FREE SPEECH: Files Emergency Bid to Use Cash Collateral GCIU LOCAL 119B PLAN: To Receive Special Financial Assistance GENERAL MOTORS: Bill Passed to Restore Delphi Retirees Pensions GENERATOR TECHNOLOGIES: Creditors to Get Proceeds From Liquidation GIRARDI & KEESE: Erika Appeals Order To Turn Over Diamond Earrings GOLD STANDARD: $1.5MM DIP Loan from 37 Baking Has Final OK GOLD STANDARD: Cancels Auction, Accepts $20M Credit Bid GOOD GUYZ INVESTMENTS: Exclusivity Period Extended to Aug. 28 GUARDION HEALTH: Gets Extension to Comply With Nasdaq Until Jan. 23 HARMONY HOLDING: Wins Final Cash Collateral Access HAVEN CAMPUS: Exclusivity Period Extended to Sept. 3 HAWAIIAN HOLDINGS: Incurs $36.8 Million Net Loss in Second Quarter HEARTLAND DENTAL: S&P Affirms 'B-' ICR, Outlook Stable HOME PRODUCTS: Seeks Approval to Hire Foley & Lardner as Counsel HOME REALTY: Trustee Gets OK to Hire Real Estate Attorney HOVNANIAN ENTERPRISES: S&P Upgrades ICR to 'B-', Outlook Stable HUMANIGEN INC: Implements Realignment of Pipeline and Resources INTERNATIONAL REALTY: Sept. 12 Plan Confirmation Hearing Set IRON HOLDINGS: Case Summary & One Unsecured Creditor IRONSIDE LLC: Amends Unsecured Claims Pay Details J. BOWERS: Seeks Cash Collateral Access J.C. PENNEY: Pleasanton Store Bldg. Bought By 300 Venture Group JAGUAR HEALTH: Unit Inks Manufacturing Services Deal With Patheon JAKKS PACIFIC: Posts $26.2 Million Net Income in Second Quarter JGR GROUP: Wins Cash Collateral Access Thru Aug 17 JUST BELIEVE RECOVERY: Files for Chapter 11 Bankruptcy KNOX CLINIC: Owners Close Pennsylvania Clinics KUMTOR GOLD: Gets Court Approval for Chapter 11 Dismissal LITTLE WASHINGTON: Exclusivity Period Extended to Nov. 17 LIVEONE INC: Hires Macias Gini & O'Connell as New Auditor LOUISIANA HIGHWAY: Unsecureds Will Get 100% of Claims in Plan MAGIC DESIGNS: Wins Cash Collateral Access Thru Aug 29 MARTIN MIDSTREAM: Posts $6.6 Million Net Income in Second Quarter MARTINEZ QUALITY: Voluntary Chapter 11 Case Summary MELO AIR: Wins Continued Cash Collateral Access Thru Aug 17 MGA MANAGEMENT: May Access SecurityPlus' Cash Collateral MULLEN AUTOMOTIVE: All Six Proposals Passed at Annual Meeting NATIONAL CARGO: Unsecured Creditors to Split 24K in 3.5 Years NEIMAN MARCUS: Transfers Dallas HQ to Cityplace Tower NEONODE INC: Postpones Annual Meeting to Sept. 29 NEONODE INC: Reduces Quorum Requirement for Meetings NEXTPLAY TECHNOLOGIES: Has Until Jan. 23 to Regain Compliance NEXTPLAY TECHNOLOGIES: Stockholders Reject 'Warrants' Amendment NORTHWEST BIOTHERAPEUTICS: Eliminates Series A, B Preferred Shares NUTRIBAND INC: 1.2M Shares to be Cancelled From Outstanding Shares NUTRIBAND INC: Board Approves 7:6 Forward Common Stock Split OMNIQ CORP: Awarded Initial Order for Q Post AI Vision System ORGANICELL REGENERATIVE: Appoints Matt Sinnreich as COO, Acting CEO ORIGINCLEAR INC: Reports Unregistered Sales of Equity Securities PECOS INN: Files Emergency Bid to Use Cash Collateral PHUNWARE INC: Won't Renew CEO's Employment Contract Q.B. JOHNSON: Creditor Trustee Taps Phillips Murrah as Counsel QUOTIENT LIMITED: Appoints Sophie Bechu as Director RALSTON-LIPPINCOTT: Wins Cash Collateral Access on Final Basis REGIONAL HEALTH: Releases Meeting Results, Cancels Exchange Offer REID'S EDUCATIONAL: United States Trustee Says Plan Not Feasible RETROTOPE INC: SSG Acted as Investment Banker in Asset Sale REVLON INC: White & Case Represents Non-Insider Shareholders RIOT BLOCKCHAIN: Proposal to Increase Authorized Shares Withdrawn ROYAL HAWAIIAN: Case Summary & 20 Largest Unsecured Creditors SAS AB: Wrapping Up Talks for $700-Mil. Exit Loan SCF LLC: Files for Chapter 11 With $17-Mil. Debt SHIFT4 PAYMENTS: S&P Withdraws 'B' Issuer Credit Rating STRATHCONA RESOURCES: S&P Alters Outlook to Pos., Affirms 'B+' ICR TAYSIR INC: Wins Cash Collateral Access Thru Sept 1 THE HOWARD DAY: Building Owner Files for Chapter 11 Pro Se TIMBER PHARMACEUTICALS: Unit Amends Purchase Deal With Patagonia TRIDENT BRANDS: Incurs $753K Net Loss in First Quarter TRIDENT BRANDS: Incurs $783K Net Loss in Second Quarter TRINITA PARETE: Case Summary & 11 Unsecured Creditors TRUTH DATA: Wins Interim Cash Collateral Access TRX HOLDCO: Wins Cash Collateral Access Thru Aug 7 TVS CONSTRUCTION: Hearing Today on Continued Cash Collateral Use VANGUARD ROOFING: Seeks to Hire Conway Law Group as Counsel VCH RANCH: Court OKs Interim Cash Collateral Access VERIPHYR INC: Files for Chapter 7 Bankruptcy VTV THERAPEUTICS: Names Paul Sekhri as President, CEO VTV THERAPEUTICS: Wins $10 Million Investment From CinPax WEBER INC: S&P Downgrades ICR to 'CCC+', On CreditWatch Negative WHITE RABBIT: Wins Cash Collateral Access Thru Aug 31 WINDSOR FALLS: Condo Association Files Subchapter V Case ZAYAT STABLES: Unsecureds Get Only $30K From $5-Mil. Deal [*] Akin Gump's Fred Lee Joins Gibson Dunn as Dallas Partner [^] Large Companies with Insolvent Balance Sheet ********* 3200 MYERS: Amends Unsecured Claims; Confirmation Hearing Sept. 14 ------------------------------------------------------------------ 3200 Myers Street Partners, LLC, submitted a First Amended Disclosure Statement describing First Amended Chapter 11 Plan dated July 28, 2022. The Plan contemplates that the Debtor will liquidate its assets and distribute the proceeds and funds on hand to its Creditors and Interest Holders in accordance with the priorities set forth in the Bankruptcy Code. The Debtor will continue to be managed by the CRO following the Effective Date of the Plan. Class 1 consists of the Stone Bank Claim. The Holder of the Class 1 Claim is expected to be paid as agreed, prior to the Effective Date, from the sale of its collateral which was approved by the Court. Should such sale fail to close, then on the Effective Date, the Holder of the Class 1 Claim shall have relief from the automatic stay to enforce its state law rights and remedies as to its Class 1 Claim. Class 8 consists of All General Unsecured Claims that are not Administrative Claims or Priority Claims. Pursuant to Court Order entered June 14, 2022, the Court approved a stipulation Allowing Claim Nos. 2, 4, 5, 6, 7 8, 9, 11, 13, 16, 17, 19 and 20 in the cumulative amount of $5,641,413 and Debtor does not dispute Claim No. 10 for $100,741.76. Debtor has filed objections to claims exceeding $2 million (Claim Nos. 1, 14 and 29). Current funds on hand are approximately $5.7 million less Professional and other Administrative Claims. Once the claim objections are resolved, Debtor will provide an update as to anticipated Distributions. Within one hundred and twenty (120) days of the Effective Date, the Debtor will make an initial Pro Rata Distribution of the Available Cash, to the holders of Allowed Class 8 Claims. To the extent Allowed Class 8 Claims are not paid in full by the initial Pro Rata Distribution and provided that there is Available Cash, the Debtor will make additional interim and/or final Pro Rata Distributions of Available Cash. Class 9 consists of Eric Zwigart is the sole interest holder of the Debtor. After the Effective Date and within 30 days of all required Plan payments having been made, including Class 8 Claims being paid in full with interest at the federal judgment rate in effect on the Effective Date, and after creating the reserves contemplated by the Plan, the Debtor will make an initial Pro Rata Distribution of Available Cash, if any, to the Interest Holder. The Debtor will continue to liquidate its Estate assets and distribute the proceeds and funds on hand to its Creditors and Interest Holders as set forth in the Plan. Assuming the Arkansas Property closes and Terra Bella Partners, Inc. pays off its note as of Effective Date, the Debtor is projected to have Available Cash of approximately $6,100,000 and no accrued operating liabilities other than its Professional Fee Claims and ordinary expenses of its Estate. The hearing at which the Court will determine whether to confirm the Plan will take place on September 14, 2022, at 1:30 p.m., in Courtroom 5C of the United States Bankruptcy Court, 411 West Fourth Street, Santa Ana CA 92701. Any such objection must be filed and served on the Debtor and its counsel and the U.S. Trustee by September 7, 2022. Ballots must be returned on August 26, 2022. A full-text copy of the First Amended Disclosure Statement dated July 28, 2022, is available at https://bit.ly/3SaDHqL from PacerMonitor.com at no charge. Debtor's Counsel: Robert P. Goe, Esq. Goe Forsythe & Hodges LLP 18101 Von Karman Avenue, Suite 1200 Irvine, CA 92612 Tel.: (949) 798-2460 Fax: (949) 955-9437 Email: rgoe@goeforlaw.com About 3200 Myers Street Partners 3200 Myers Street Partners, LLC, a company in Costa Mesa, Calif., filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-10057) on Jan. 14, 2022, listing as much as $10 million in both assets and liabilities. Robert P. Mosier, chief restructuring officer, signed the petition. Judge Scott C. Clarkson oversees the case. The Debtor tapped Goe Forsythe & Hodges, LLP as bankruptcy counsel; A. Lavar Taylor, LLP and Cross, Gunter, Witherspoon & Galchus, P.C. as special counsels; and Mosier & Company, Inc. as restructuring advisor. Robert Mosier, president and chief executive officer of Mosier & Company, serves as the Debtor's chief restructuring officer. ABILITY INC: Tel Aviv Court Names Gil Oren as Temporary Trustee --------------------------------------------------------------- Further to the motion for temporary relief measures filed on July 25, 2022, by Ability Inc., Ability Industries Computers and Software Ltd., Ability Security Systems Ltd., and Telcostar Pte Ltd. ("Ability Group"), Ability disclosed that on July 26, 2022, the Tel Aviv-Yafo District Court appointed Mr. Gil Oren as Ability Group's temporary trustee. The Court authorized the Temporary Trustee to seize, keep, and safeguard Ability Group's assets subject to any law. Furthermore, the Temporary Trustee was authorized to examine proposals for the sale of Ability Group's assets and activities. In addition, the Temporary Trustee will examine the possibility of temporarily operating Ability Group, as well as the procedures being conducted in the US, which are likely to have an impact on the insolvency procedure. About Ability Inc. Ability Inc. is a holding company operating through its subsidiaries Ability Computer & Software Industries Ltd., Ability Security Systems Ltd., and Telcostar, which provide advanced interception, geolocation and cyber intelligence products and solutions that serve the needs and increasing challenges of security and intelligence agencies, military forces, law enforcement agencies and homeland security agencies worldwide. Ability, Inc. reported a loss and comprehensive loss of US$7.60 million for the year ended Dec. 31, 2021, compared to a loss and comprehensive loss of US$6.71 million for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had US$14.51 million in total assets, US$31 million in total liabilities, and a total deficit of $16.49 million. Ziv Haft, the Company's auditor, issued a "going concern" qualification in its report dated March 31, 2022, citing that as of Dec. 31, 2021, the balance of the Company's accrued losses was about US$50,344,000, and the Company's results for the years ended Dec. 31, 2021 and 2020 amounted to a loss of US$7,597,000 and US$6,709,00, respectively. In addition, the Company is under an investigation of Israel's Ministry of Defense, which ordered suspension of certain export licenses. Also, the impact of the global crisis that is taking place these days as a result of the COVID-19 epidemic, which has an adverse effect on the Company's business. These factors and others raise significant doubts about the Company's continued existence as a "going concern." AEARO TECHNOLOGIES: 3M Use of Bankruptcy to Fight Suits Questioned ------------------------------------------------------------------ Steven Church of Bloomberg News reports that the federal judge administering more than 230,000 lawsuits against 3M Co. questioned whether the industrial giant acted in good faith when it decided to try to shift the cases to bankruptcy court instead of facing separate jury trials around the U.S. US District Court Judge M Casey Rodgers, in Pensacola, Florida, held a hearing Wednesday, July 27, 2022, morning about 3M's decision to put its Aearo Technologies unit into bankruptcy as a way to resolve the lawsuits, which accuse 3M of selling faulty combat earplugs that harmed US soldiers, according to court records. A full-text copy of the article is available at https://news.bloomberglaw.com/bankruptcy-law/judge-questions-3ms-use-of-bankruptcy-to-fight-veterans-suits About 3M Co. 3M Company, f/k/a Minnesota Mining and Manufacturing Co., is a multinational conglomerate corporation and designer, marketer, developer, manufacturer, distributor of firefighting equipment, including those with AFFF. It is located at 3M Center, St. Paul. Minnesota. About Aearo Technologies Aearo Technologies -- https://earglobal.com/en -- is a 3M company that designs, manufactures, and sells personal protection equipment. The Company offers prescription and non-prescription safety eye wear, face shields, hard hats, and respirators. Aearo serves customers worldwide. To address claims related to the Combat Arms Earplugs Version 2, Aearo Technologies LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Lead Case No. 22-02890) on July 26, 2022. In the petition filed by John R. Castellano, as authorized signatory, Aearo Technologies estimated assets and liabilities between $1 billion and $10 billion each. 3M is not a debtor in the Chapter 11 cases. 3M has committed $1 billion to fund a trust allocated for Combat Arms claims. Kirkland & Ellis LLP is serving as legal counsel and AlixPartners LLP is serving as restructuring advisor to Aearo Technologies. Ice Miller LLP, is serving as bankruptcy co-counsel to the Debtors. Kroll is the claims agent. PJT Partners is serving as financial advisor and White & Case LLP is serving as legal counsel to 3M. AEARO TECHNOLOGIES: Plaintiffs' Attorney Says $1B Fund Not Enough ----------------------------------------------------------------- Mike Hughlett and Brooks Johnson of Star Tribune report that 3M says its Combat Arms earplugs are safe. But military veterans and active personnel have claimed they are the cause of hearing loss and tinnitus. 3M plans to resolve an epic legal battle over its military earplugs through bankruptcy court, but the company will face fierce opposition from plaintiffs. In one of the largest U.S. mass tort cases ever, about 230,000 U.S. military members and veterans allege that Combat Arms earplugs -- made by 3M subsidiary Aearo Technologies -- were faulty, damaging their hearing. Plaintiffs have already scored several victories in cases that have gone to trial, netting almost $300 million from jury verdicts. 3M announced Tuesday that it put its Aearo subsidiary into Chapter 11 bankruptcy protection and will set up a $1 billion trust fund to pay all claims. "It's really about us -- 3M -- stepping up to do right by veterans," 3M CEO Mike Roman told stock analysts in a conference call Tuesday. "We believe litigating cases individually can take years if not decades." 3M's move was blasted by plaintiffs' attorneys, who said 3M's $1 billion settlement plan is "woefully" underfunded. "3M's bankruptcy maneuver is further proof that they value their profits and stock price more than the well-being of veterans who fought and served our country," lead counsel Bryan Aylstock said in a statement. "We will challenge this bankruptcy filing and are confident 3M will fail in the courts." Indianapolis-based Aearo filed for Chapter 11 bankruptcy protection in the Southern District of Indiana to "efficiently and equitably resolve all claims determined to be entitled to compensation," 3M said. Chapter 11 allows a company to continue operating while its creditors' claims -- and litigation -- are effectively frozen. 3M, which has long maintained the earplugs are safe, said the bankruptcy will not affect its operations. 3M plans to set up the $1 billion trust through the bankruptcy court. Plaintiffs would then submit claims, instead of settling their cases through courts. Consulting firm Bates White did an assessment that led 3M to the $1 billion figure, which Roman in an interview called "appropriate based on that analysis." Still, 3M is prepared to add to the fund if necessary, company executives said. And in a bankruptcy court filing Tuesday, 3M referred to the fund as "uncapped." J.P. Morgan stock analyst Stephen Tusa wrote in a January report that 3M's earplug liabilities could realistically be $15 billion to $25 billion -- with $1 billion as the "low-end of possibilities." Nigel Coe, an analyst at Wolfe Research, said in a note Tuesday that 3M's $1 billion claim fund "should be viewed as a first installment." He maintains that a $10 billion settlement amount is more realistic. In addition to the $1 billion claims fund, 3M said Tuesday that it has committed $240 million for earplug case-related expenses. Claims against 3M are currently roped together in a multidistrict litigation, or MDL, case in the U.S. Northern District of Florida. MDLs commonly feature bellwether trials, which set a tone for settling all claims. Plaintiffs won 10 of 16 bellwether trials, the last of which was in May. With no settlement on the horizon, a federal district court judge ordered mediation talks between 3M and plaintiffs' attorneys earlier this month. There was no word on those before Tuesday's news. The next step in the earplug litigation was to send cases -- in waves of 500 -- back to the federal courts where they were originally filed. Trials would then be held across the country. Both plaintiffs and 3M have likely spent tens of millions of dollars on trials so far. In a bankruptcy filing Tuesday, 3M said the earplug MDL "is broken beyond repair." "The Combat Arms MDL has become a refuge for more than 230,000 unvetted hearing injury claims to languish without scrutiny, as a handful of bellwether trials delivered headline-grabbing verdicts based on a false narrative that frustrated, instead of furthered, settlement and compromise," 3M said in a 62-page brief. Michael Sacchet, a Minneapolis attorney with Ciresi Conlin who has tried five bellwether cases for plaintiffs, said the brief indicates that 3M "is trying to relitigate the cases in bankruptcy court." The company has raised questions about the cases' merit -- "the very questions that should be adjudicated in federal and state courts across the country, not in bankruptcy court," Sacchet said. Coe, the Wolfe analyst, referred to 3M's bankruptcy strategy as a "Texas two-step," a phrase sometimes used when companies use bankruptcy to resolve an avalanche of claims. Consumer products giant Johnson & Johnson has become a recent example of the strategy. About 38,000 people have alleged that J&J's baby powder was tainted with cancer-causing asbestos. In October, the New Jersey-based company spun off its baby powder liabilities in a new subsidiary that promptly filed bankruptcy. J&J claimed the bankruptcy process would be a fairer and more efficient way to adjudicate claims. Plaintiffs' attorneys claimed it was an abuse of the bankruptcy process, and asked that the Chapter 11 case be thrown out. In February, a U.S. Bankruptcy Court judge in Trenton, N.J. denied that request. But plaintiffs appealed, and in May, the Third U.S. Circuit Court of Appeals granted a review of the case. Earlier this month, the Office of the U.S. Trustee, an arm of the Department of Justice, asked the appellate court to dismiss the baby powder bankruptcy case, saying the filing "was not made in good faith." However, unlike J&J's Chapter 11 spinoff and bankruptcy, 3M's Aearo is a longstanding subsidiary, not a company created to house legal claims. "This is that subsidiary stepping up to take on this liability," Roman said in an interview. 3M became a giant in the military earplug market when it bought Aearo in 2008. The wave of claims against 3M came after the company in 2018 settled a government whistleblower suit regarding the earplugs. That suit was brought by rival earplug maker Moldex-Metric on the U.S. government's behalf, after an inquiry by the Army Criminal Investigation Command. The suit claimed Aearo knew about "dangerous design defects" in its earplugs in 2000. In a 2018 report, the Army concluded that had the government known about tests Aearo ran in 2000, it might not have purchased Combat Arms earplugs. In the whistleblower settlement, 3M paid a $9.1 million penalty but denied all claims and did not admit liability. About Aearo Technologies Aearo Technologies -- https://earglobal.com/en -- is a 3M company that designs, manufactures, and sells personal protection equipment. The Company offers prescription and non-prescription safety eye wear, face shields, hard hats, and respirators. Aearo serves customers worldwide. To address claims related to the Combat Arms Earplugs Version 2, Aearo Technologies LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Lead Case No. 22-02890) on July 26, 2022. In the petition filed by John R. Castellano, as authorized signatory, Aearo Technologies estimated assets and liabilities between $1 billion and $10 billion each. 3M is not a debtor in the Chapter 11 cases. 3M has committed $1 billion to fund a trust allocated for Combat Arms claims. Kirkland & Ellis LLP is serving as legal counsel and AlixPartners LLP is serving as restructuring advisor to Aearo Technologies. Ice Miller LLP, is serving as bankruptcy co-counsel to the Debtors. Kroll is the claims agent. PJT Partners is serving as financial advisor and White & Case LLP is serving as legal counsel to 3M. AEARO TECHNOLOGIES: Strikes Deal to Extend Earplug Lawsuit Schedule ------------------------------------------------------------------- Rick Archer of Law360 reports that 3M unit Aearo Technologies reached a deal Wednesday, July 27, 2022, at the first-day hearing in its Chapter 11 case to push back deadlines in the multidistrict litigation alleging it made defective earplugs that the company filed for bankruptcy to escape. Near the close of the all-day hybrid hearing, Aearo agreed to drop its request that U. S. Bankruptcy Judge Jeffrey J. Graham issue an immediate restraining order halting legal action against both it and 3M in exchange for counsel for the MDL plaintiffs agreeing to delay scheduled depositions and expert report deadlines in the case for three weeks. About Aearo Technologies Aearo Technologies -- https://earglobal.com/en -- is a 3M company that designs, manufactures, and sells personal protection equipment. The Company offers prescription and non-prescription safety eye wear, face shields, hard hats, and respirators. Aearo serves customers worldwide. To address claims related to the Combat Arms Earplugs Version 2, Aearo Technologies LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Lead Case No. 22-02890) on July 26, 2022. In the petition filed by John R. Castellano, as authorized signatory, Aearo Technologies estimated assets and liabilities between $1 billion and $10 billion each. 3M is not a debtor in the Chapter 11 cases. 3M has committed $1 billion to fund a trust allocated for Combat Arms claims. Kirkland & Ellis LLP is serving as legal counsel and AlixPartners LLP is serving as restructuring advisor to Aearo Technologies. Ice Miller LLP, is serving as bankruptcy co-counsel to the Debtors. Kroll is the claims agent. PJT Partners is serving as financial advisor and White & Case LLP is serving as legal counsel to 3M. AEARO TECHNOLOGIES: Veteran Slams Bid to Undo $50M Verdict ---------------------------------------------------------- Mike Curley of Law360 reports that a veteran of the war in Afghanistan is urging a Florida federal judge not to reduce a $50 million verdict or grant a new trial in his suit alleging Combat Arms earplugs made by 3M caused him to develop tinnitus and hearing loss, saying the company is "grasping for straws" with unsupported arguments. In a response brief filed Tuesday, July 26, 2022, Luke Vilsmeyer said the evidence presented in the case justifies the $50 million verdict, despite 3M's attempt to downplay severe tinnitus that he told the jury makes him want to "rip my ears off." A full-text copy of the article is available at https://www.law360.com/bankruptcy/articles/1515658/vet-slams-3m-s-bid-to-undo-50m-earplug-injury-verdict About Aearo Technologies Aearo Technologies -- https://earglobal.com/en -- is a 3M company that designs, manufactures, and sells personal protection equipment. The Company offers prescription and non-prescription safety eye wear, face shields, hard hats, and respirators. Aearo serves customers worldwide. To address claims related to the Combat Arms Earplugs Version 2, Aearo Technologies LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Lead Case No. 22-02890) on July 26, 2022. In the petition filed by John R. Castellano, as authorized signatory, Aearo Technologies estimated assets and liabilities between $1 billion and $10 billion each. 3M is not a debtor in the Chapter 11 cases. 3M has committed $1 billion to fund a trust allocated for Combat Arms claims. Kirkland & Ellis LLP is serving as legal counsel and AlixPartners LLP is serving as restructuring advisor to Aearo Technologies. Ice Miller LLP, is serving as bankruptcy co-counsel to the Debtors. Kroll is the claims agent. PJT Partners is serving as financial advisor and White & Case LLP is serving as legal counsel to 3M. AGILE THERAPEUTICS: Amends Commercialization Agreement With Corium ------------------------------------------------------------------ Agile Therapeutics, Inc. entered into Amendment No. 1 to that certain Manufacturing and Commercialization Agreement, dated April 30, 2020, by and between the Company and Corium, Inc. Pursuant to the Commercialization Agreement, Corium will manufacture and supply all of the Company's product requirements for Twirla at certain specified rates. Under the terms of the Commercialization Agreement, Corium is to be the exclusive supplier of Twirla during the agreement term. The Amendment is designed to restructure the minimums applicable to the purchase of manufactured Twirla and other services provided by Corium, transfer equipment ownership to Corium to support the manufacture of Twirla and extend the term of the Commercialization Agreement. Pursuant to the Amendment, the parties agreed to adjust the process for Agile providing Corium certain binding and non-binding product forecasts required under the Commercialization Agreement. Additionally, Corium will not enforce the original quantity minimums in the Supply Agreement, which are waived and replaced by new minimums that are based on Corium's revenue for product purchased by Agile, expiring raw materials, and other services billed by Corium to support batch production and release. The Company agreed to make certain supplemental payments to Corium through Dec. 31, 2023, which payments are eligible to be retroactively reduced based upon product orders placed by the Company during 2022 and 2023 meeting certain designated thresholds. In connection with the supplemental payments, Corium will retain the proceeds for the sale of certain raw materials to which the Company would otherwise have economic rights to offset such supplemental payments. Further, the Company agreed to reimburse Corium for unused raw materials in the event the Company's actual product requirements are lower than initially forecasted. Pursuant to the Amendment, the term of the Commercialization Agreement was extended to December 31, 2033, unless earlier terminated according to the terms of the Commercialization Agreement. The parties also agreed to adjust the commercial terms setting forth payment amounts for product ordered and schedules. Pursuant to the Amendment, the parties agreed to transfer ownership of certain manufacturing equipment used in the manufacture of the Company's product from the Company to Corium, under a Bill of Sale dated July 25, 2022, by and between the Company and Corium. Pursuant to the Bill of Sale, Corium also agreed not to enforce the original minimum product purchase requirements under the Commercialization Agreement, which are waived and replaced by new minimums in the Commercialization Agreement. The Bill of Sale contains customary representations, warranties and covenants of the parties. Perceptive Credit Agreement Amendment Also on July 25, 2022, the Company entered into a fifth amendment to the Credit Agreement and Guarantee dated Feb. 10, 2020, as amended on Feb. 26, 2021, Jan. 7, 2022, March 10, 2022 and May 11, 2022, between the Company and Perceptive Credit Holdings III, LP. Pursuant to the Fifth Amendment, Perceptive agreed to release its security interest in the assets being transferred from the Company to Corium under the Bill of Sale. In exchange, the Company agreed to prepay $7 million of outstanding principal under the Credit Agreement using the proceeds of recent sales under the Company's ATM program with H.C. Wainwright & Co., LLC. About Agile Therapeutics Agile Therapeutics, Inc. is a women's healthcare company dedicated to fulfilling the unmet health needs of today's women. The Company's product and product candidates are designed to provide women with contraceptive options that offer freedom from taking a daily pill, without committing to a longer-acting method. Its initial product, Twirla, (levonorgestrel and ethinyl estradiol), a transdermal system, is a non-daily prescription contraceptive. Agile reported a net loss of $74.89 million for the year ended Dec. 31, 2021, a net loss of $51.85 million for the year ended Dec. 31, 2020, and a net loss of $18.61 million for the year ended Dec. 31, 2019. As of March 31, 2022, the Company had $29.30 million in total assets, $26.56 million in total liabilities, and $2.74 million in total stockholders' equity. Iselin, New Jersey-based Ernst & Young LLP, the Company's auditor since 2010, issued a "going concern" qualification in its report dated March 30, 2022, citing that the Company has generated losses since inception, used substantial cash in operations, anticipates it will continue to incur net losses for the foreseeable future, requires additional capital to fund its operating needs and has stated that substantial doubt exists about the Company's ability to continue as a going concern. AIJOBORY INVESTMENT: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Aijobory Investment, LLC 664 Church Lane Lansdowne, PA 19050 Business Description: Aijobory Investment is the fee simple owner of seven properties located in Pennsylvania having an aggregate current value of $1.59 million. Chapter 11 Petition Date: August 1, 2022 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 22-12008 Judge: Hon. Magdeline D. Coleman Debtor's Counsel: Ronald J. Pressley, Esq. RONALD J. PRESSLEY & ASSOCS. LLC 1015 Chestnut Street Suite 907 Philadelphia, PA 19107 Tel: 215-629-3800 Fax: 215-629-3804 Email: rjp@rjpressley.com Total Assets: $1,590,000 Total Liabilities: $539,668 The petition was signed by Hatim Mukhef as operations manager. The Debtor stated it has no creditors holding unsecured claims. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/Q4V5ICQ/AIJOBORY_INVESTMENT_LLC__paebke-22-12008__0001.0.pdf?mcid=tGE4TAMA ALL YEAR HOLDINGS: Taps Conyers Dill & Pearman as BVI Counsel ------------------------------------------------------------- All Year Holdings Limited received approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Conyers Dill & Pearman as its British Virgin Islands (BVI) counsel. Conyers will provide litigation and related services to the Debtor in the BVI in connection with the appointment of joint provisional liquidators (JPLs) of the Debtor under the relevant provisions of the BVI Insolvency Act 2003 and the continuation of the BVI Provisional Liquidation as an ancillary proceeding [Claim No. BVIHC (COM) 0220 of 2021] in the Eastern Caribbean Supreme Court, Commercial Division of the High Court of the Virgin Islands in support of the Debtor's Chapter 11 case. The firm's services include: (a) advising the JPLs in relation to their statutory obligations and their obligations under the order of the BVI Commercial Court dated Dec. 20, 2021 pursuant to which they were appointed; (b) ensuring compliance with the provisional liquidation order and the insolvency protocol annexed thereto, which facilitates the function of the BVI proceedings in support of the Chapter 11 case; (c) monitoring the Chapter 11 case, including reviewing and analyzing the current financials and forecasts of the Debtor and its subsidiaries; (d) preparing and appearing as counsel for the JPLs and the Debtor in connection with such applications in the BVI Commercial Court as are required in the context of the BVI proceedings and under the relevant provisions of the BVI Insolvency Act. The Debtor agreed to pay Conyers the following fees: a. Hourly Rate Personnel: Unless agreed otherwise, the Debtor has agreed to pay any services performed by Conyers on the basis of the following hourly rates, which are consistent with the firm’s customary time charges: Robert Briant, Partner $895 Richard Evans, Partner $960 Charles Goldblatt, Associate $400 b. Expenses: In addition, the Debtor will be responsible for any expenses incurred by Conyers on the Debtor's behalf in relation to the BVI proceedings. As disclosed in court filings, Conyers does not hold an interest adverse to the Debtor's estate with respect to the matter for which the firm is to be employed. The firm can be reached through: Robert J.D. Briant Conyers Dill & Pearman Commerce House, Wickhams Cay 1 Road Town, Tortola, VG1110 British Virgin Islands Tel: +1 284 852 1000 Fax: +1 284 852 1001 Email: robert.briant@conyers.com About All Year Holdings Limited All Year Holdings Limited is a real estate development company founded by American real estate developer Yoel Goldman. It operates as a holding company, which, through its direct and indirect subsidiaries, focuses on the development, construction, acquisition, leasing and management of residential and commercial income producing properties in Brooklyn, N.Y. The company's portfolio includes 1,648 residential units and 69 commercial units in Bushwick, Williamsburg, and Bedford-Stuyvesant. All Year Holdings sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 21-12051) on Dec. 14, 2021. At the time of the filing, the Debtor listed $1 billion to $10 billion in assets and liabilities. Judge Martin Glenn oversees the case. The Debtor tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; Koffsky Schwalb, LLC and Bartov & Co. as special counsels; and Conyers Dill & Pearman as British Virgin Islands counsel. Donlin Recano & Company, Inc. is the Debtor's administrative agent. ALLIGATOR COMPUTER: Amends US Bank Secured Claims Pay Details ------------------------------------------------------------- Alligator Computer Systems Corp. submitted a Second Amended Plan of Reorganization dated July 28, 2022. The benefit of this Plan is that it will allow a small business to continue operations, while providing employment and benefits to at least 7 individuals who work for ACS and 12 employed by Gameprizes. The benefit to all creditors is that they will receive a portion of their outstanding debt with the possibility of a higher return if the Reorganized Debtor is successful. US Bank hold a 2nd and 3rd mortgage on the Lake House. There is a contract for the sale of the property to an unrelated third party for $ 875,000.00. There is a senior mortgage with a balance of approximately $ 275,000.00. The Plan proposes to sell the Lake House after confirmation, apply the proceeds to the 1st mortgage with the balance being paid to the debts owing to US Bank to reduce the balance owed by the debtor. The estimated net to US bank is no less than $ 550,000.00. The balance of the US Bank debt will be paid in the Plan. The Debtor will make monthly payments of no less than $37,000.00 (the "Scheduled Minimum Payments") after the Effective Date which will be disbursed quarterly beginning on the First Distribution Date for 56 months as set forth to the Plan. Secured creditors will be paid approximately 5% of their Allowed Secured claims each quarter as set forth in the schedule of Class 4 creditors. Priority tax claims will be paid by the Debtor in full on the Effective Date of the Plan. The IRS, District Director of the IRS and the US Attorney shall be served a copy of this 2nd Amended Plan and shall have 28 days to file a timely objection. Unsecured Creditors will be paid 8% of their Allowed Unsecured Claims. In addition to the Scheduled Minimum Payments, unsecured creditors shall also receive additional distributions ("Additional Profit Sharing Distributions") based upon the profitability of the business. Total unsecured claims are estimated to be paid $ 219,750. The percentage may be increased, but not reduced, depending on the profitability of the company and the payment of any Additional Profit Sharing Distributions. Class 3 consists of the Allowed Secured Claims of US Bank. Notwithstanding Exhibit A or any other provision of the Plan, the amount of the Allowed Secured Claims of US Bank shall be controlled by the proofs of claim filed by US Bank and shall be inclusive of any and all accruing interest at the contract rate, plus fees, expenses and other charges, including attorney's fees and expenses that are estimated to be $19,000 as of the date of confirmation. The Class 3 claims will, within 12 months of the effective date of the Plan, be paid no less than $550,000 from the sale of the Lake House upon which US Bank holds two mortgages. The secured claims to be paid in the Plan shall be the balance of their loans, which are projected to be $210,000, to be paid at 5.25% interest, paid $33,000 quarterly. Class 4 consists of all other Allowed Secured Claims not provided in Class 3. The Class 4 Claims shall receive quarterly payments at 4% interest. Any amount owed to any creditor above the Allowed Secured Claim shall be paid as a Class 5 Unsecured Claim. The amount of a Secured Creditor's Allowed Secured Claim is an amount fixed by the Plan, notwithstanding any claim amount filed or unfiled, or as otherwise fixed by court order. Class 4 Claimants shall retain their liens on all prepetition collateral securing their claims. Class 5 consists of the Allowed Unsecured Claims. The Class 5 creditors will receive payments under the Plan from the Debtor's net disposable income over the commitment period. The Debtor has provided projections with the Plan indicating its general projected monthly performance over the life of the Plan, and based on those projections, Class 5 creditors shall receive at least 8% of their allowed Unsecured Claims. The Debtor anticipates that they will be able to pay current operation expenses and fund the Chapter 11 Subchapter V Plan payments. The financial projections for the next 56 months reflect disposable income which is sufficient to fund the Plan during the term. With the assumption the business will remain consistent, the Debtor will be able to fund the Plan for the 56 months. A full-text copy of the Second Amended Plan of Reorganization dated July 28, 2022, is available at https://bit.ly/3Sga870 from PacerMonitor.com at no charge. Attorneys for the Debtor: Eric W. Goering, Esq. Robert A. Goering, Esq. Alexis Mize, Esq. Goering & Goering, LLC 220 West Third Street Cincinnati, OH 45202 Phone: (513) 621-0912 Email: eric@goering-law.com About Alligator Computer Systems Alligator Computer Systems Corp., a company in Cincinnati, Ohio, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Case No. 22-10264) on Feb. 25, 2022, disclosing $1,409,882 in assets and $5,113,874 in liabilities. James Ernst, president of Alligator Computer Systems, signed the petition. Judge Beth A. Buchanan oversees the case. Goering & Goering, LLC serves as the Debtor's legal counsel. APPLIED DNA: John Bitzer III to Retire From Board ------------------------------------------------- John Bitzer, III, provided notice to the Board of Directors of Applied DNA Sciences, Inc. of his intention to retire from the Board and to not stand for re-election as director at the Company's upcoming annual meeting of stockholders, currently scheduled for Sept. 22, 2022. Mr. Bitzer's term as director will expire upon the election of directors at the Annual Meeting. Mr. Bitzer's notice was not the result of any disagreement with the Company on any matters relating to the Company's operations, policies or practices, the Company disclosed in a Form 8-K filed with the Securities and Exchange Commission. About Applied DNA Applied DNA Sciences, Inc. -- http//www.adnas.com -- is a provider of molecular technologies that enable supply chain security, anti-counterfeiting and anti-theft technology, product genotyping, and pre-clinical nucleic acid-based therapeutic drug candidates. Applied DNA makes life real and safe by providing innovative, molecular-based technology solutions and services that can help protect products, brands, entire supply chains, and intellectual property of companies, governments and consumers from theft, counterfeiting, fraud and diversion. Applied DNA reported a net loss of $14.28 million for the year ended Sept. 30, 2021, compared to a net loss of $13.03 million for the year ended Sept. 30, 2020. As of March 31, 2022, the Company had $13.88 million in total assets, $6.23 million in total liabilities, and $7.65 million in total equity. Melville, NY-based Marcum LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 9, 2021, citing that the Company incurred a net loss of $14,278,439 and generated negative operating cash flow of $13,387,955. These factors raise substantial doubt about the Company's ability to continue as a going concern. ARMSTRONG FLOORING: AHF Closes Purchase of US Assets ---------------------------------------------------- AHF Products announced July 27, 2022, that it has closed the purchase of certain assets of Armstrong Flooring, Inc., including the rights to license the Armstrong Flooring brand name as well as the purchase of three U.S. manufacturing facilities, in Lancaster and Beech Creek, PA and in Kankakee, IL. Headquartered in Mountville, Pennsylvania, AHF Products is the largest hardwood flooring manufacturer in North America and has experienced rapid growth across a range of additional flooring categories, including vinyl plank, laminate, and commercial flooring products. With this purchase, AHF now operates 11 manufacturing facilities, ten in the U.S. and one in Cambodia, and four domestic distribution facilities to serve customers through a multi-channel strategy that includes dealers, home centers, and distributors around the world. Brian Carson, CEO and President, AHF Products said: "Today AHF offers 14 brands, including Armstrong Flooring, which allow us to expand our customer base and grow these manufacturing facilities," added Carson. "Purchasing these assets is important and transformative to AHF and to the people that work in the plant locations and in those communities. With 11 plants and some of best trade names in the flooring industry, we are going to continue to grow from here." * * * Daniel Urie of PennLive Patriot News reports that the deal includes the rights to license the Armstrong Flooring brand name as well as the purchase of three U.S. manufacturing facilities in Lancaster County, and Beech Creek, Clinton County and in Kankakee, Illinois. Previously, AHF Products and Boston-based investment firm, Gordon Brothers Commercial & Industrial had received approval from the United State Bankruptcy Court for the District of Delaware to purchase the North American assets of Armstrong Flooring Inc. for $107 million. The sale is expected to save hundreds of jobs in the Lancaster area. Armstrong Flooring had filed a WARN (Worker Adjustment and Retraining Notification) notice in May with the Pennsylvania Department of Labor & Industry informing the state that it would have to lay off 606 people in Lancaster County if it was unable to sell the business. Two of Armstrong Flooring's facilities in the United States weren't part of the purchase and closed. The two facilities were located in Jackson, Mississippi and Stillwater, Oklahoma. Armstrong's facilities in Hong Kong and Australia were purchased at auction separately. Giant Group will acquire the equity interests in the company’s Hong Kong holding company subsidiary, including all associated operations, for $59 million; and Cowes Bay will acquire substantially all of the company's Australian assets for $31 million plus assumption of specified liabilities. About Armstrong Flooring Armstrong Flooring, Inc. (NYSE: AFI) -- https://www.armstrongflooring.com/ -- is a leading global manufacturer of flooring products and one of the industry's most trusted and celebrated brands. The company continually builds on its resilient, 150-year legacy by delivering on its mission to create a stronger future for customers through adaptive and inventive solutions. Headquartered in Lancaster, Pennsylvania, Armstrong Flooring safely and responsibly operates eight manufacturing facilities globally. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10426) on May 8, 2022. In the petition signed by Michel S. Vermette, president and chief executive officer, the Debtor disclosed $517,000,000 in assets and $317,800,000 in liabilities. Judge Mary F. Walrath oversees the case. Skadden, Arps, Slate, Meagher and Flom, LLP is the Debtor's counsel. Riveron Consulting, LP is the financial advisor, Houlihan Lokey is the investment banker, and Epiq Corporate Restructuring, LLC, is the claims and noticing agent and administrative advisor. AVAYA HOLDINGS: S&P Cuts ICR to 'CCC' on Performance, Outlook Neg. ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Avaya Holdings Corp. to 'CCC' from 'B-'. At the same time, S&P lowered its issue-level ratings on the company's first-lien senior secured debt to 'CCC' from 'B-'. The '3' recovery rating is unchanged. The negative rating outlook reflects the risk that S&P could lower its rating on Avaya if the likelihood of a distressed restructuring or payment default increased, in its, over the next year. Based on Avaya's preliminary third quarter fiscal 2022 financial result release, we think it is likely to materially underperform our previous assumptions for revenue, profitability, and cash flow generation. In S&P's previous assumptions, it expected Avaya's revenue to decrease by about 4.3% in fiscal 2022 due to the adverse effects on its revenue recognition stemming from its continuing shift away from on-premise product solutions and the associated hardware maintenance, software support services, and professional services to its OneCloud portfolio, knock-on effects from the Russia-Ukraine conflict, and unfavorable foreign exchange translation (due to the stronger dollar). These projections came out slightly before the company's guidance for full-year fiscal 2022, which includes its revenue expectation of $685 million-$700 million in its third quarter. In last night's preliminary release, the company has indicated that revenue is likely to be between $575 million and $580 million when results are officially reported on Aug. 9, 2022. Details on profitability information were limited, so we are unable to estimate an S&P Global Ratings-adjusted EBITBA metric; however, the company has conveyed that it now expects its company-calculated adjusted EBITDA to be between $50 million and $55 million, which is about $90 million-$95 million lower compared with the initial guidance of between $140 million and $150 million. Although sizable cost-cutting measures centered on reducing discretionary spending have been announced in response, it is unclear what areas of the business are specifically being targeted or if they will hinder the subscription transition or service levels provided to enterprise customers. The negative rating outlook reflects the risk that S&P could lower its rating on Avaya if the likelihood of a distressed restructuring or payment default increases, in S&P's view, over the next year. S&P could consider lowering its ratings on Avaya over the next six months if it believed the company would pursue a debt restructuring that we deemed to be distressed or anticipated a heightened risk of a payment default. This could occur if: -- Avaya's efforts to transition its customers to subscription contracts stalled, it failed to extract and sustain anticipated cost savings initiatives it expected to realize by fiscal 2023, or it began to experience higher rates of churn from enterprises customers using either its legacy products or newer cloud products due to competitive pressures or dissatisfaction; or -- It sustained cash flow deficits at levels greater than expected or it received from the NYSE a Notice of Non-Compliance with listing rules, and we thought it unlikely the company would regain compliance. S&P could consider raising its ratings on Avaya if it were able to establish a significant and sustained improvement in its operating performance. This could occur if: -- It could achieve its cost-savings goals while continuing to invest in product development to support its subscription transition and demonstrate further progress in increasing ARR relative to its targets. -- It could return to revenue growth, sustain higher EBITDA margins, and generate sustainable positive FOCF while continuing to make the investments in working capital and capital expenditure required. ESG credit indicators: E-2, S-2, G-3 Governance factors are now a moderately negative consideration in our credit rating analysis of Avaya. This reflects management's recent challenges to meet operational targets. It has underperformed its guidance in recent quarters, in the planned budgeting for these strategic objectives, and its greater levels of negative free cash flow generation had put it at risk of a liquidity shortfall. BLACKROCK INTERNATIONAL: Sept. 13 Plan Confirmation Hearing Set --------------------------------------------------------------- On May 27, 2022, Debtor Blackrock International, Inc. filed with the U.S. Bankruptcy Court for the Western District of Louisiana a Disclosure Statement referring to a Plan of Reorganization. On July 28, 2022, Judge John W. Kolwe approved the Disclosure Statement and ordered that: * Sept. 6, 2022 is fixed as the last date for filing written acceptances or rejections of the Plan. * Sept. 6, 2022 is also fixed as the last date for filing and serving objections, if any, to the confirmation of the Plan. * Sept. 13, 2022 at 02:30 PM at 800 Lafayette Street, 3rd Floor, Courtroom Five, Lafayette, Louisiana is fixed as the date and time for hearing on confirmation of the Plan. A copy of the order dated July 28, 2022, is available at https://bit.ly/3BBtuh4 from PacerMonitor.com at no charge. Attorney for the Debtor: David Patrick Keating, Esq. THE KEATING FIRM, APLC P.O. Box 3426 Lafayette, LA 70502 Tel: (337) 233-0300 Fax: (337) 233-0694 E-mail: rick@dmsfirm.com About Blackrock International Blackrock International, Inc., is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). The company is based in New Orleans, La. Blackrock International filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 22-50015) on Jan. 11, 2022, listing as much as $500,000 in both assets and liabilities. Helen Jean Williams, authorized representative, signed the petition. Judge John W. Kolwe oversees the case. D. Patrick Keating, Esq. at The Keating Firm, APLC, serves as the Debtor's legal counsel. BRAVO MULTINATIONAL: Incurs $127K Net Loss in Second Quarter ------------------------------------------------------------ Bravo Multinational Incorporated filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $127,054 for the three months ended June 30, 2022, compared to a net loss of $127,642 for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported a net loss of $274,295 compared to a net loss of $273,323 for the same period in 2021. As of June 30, 2022, the Company had $33 in total assets, $1.51 million in total liabilities, and a total stockholders' deficit of $1.51 million. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001444839/000109181822000095/brvo-20220630.htm About Bravo Multinational Based in Ontario, Canada, Bravo Multinational Incorporated -- http://www.bravomultinational.com-- is currently engaged in the business of leasing and selling gaming equipment. The Company, however, ceased operations in Nicaragua in 2017 due to political and economic instabilities. The Company is planning to operate its business in the US and other more stable democracies in Latin America. Bravo reported a net loss of $420,126 for the year ended Dec. 31, 2021, compared to a net loss of $60.47 million for the year ended Dec. 31, 2020. Lakewood, Co-based BF Borgers CPA PC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Feb. 17, 2022, citing that the Company's minimal activities raise substantial doubt about its ability to continue as a going concern. BROOKLYN IMMUNOTHERAPEUTICS: Chief Scientific Officer Resigns ------------------------------------------------------------- Dr. Kevin D'Amour, chief scientific officer of Brooklyn ImmunoTherapeutics, Inc., delivered his notice of resignation on July 21, 2022. The Company and Dr. D'Amour have not yet determined the effective date of Dr. D'Amour's resignation. About Brooklyn ImmunoTherapeutics Brooklyn ImmunoTherapeutics, Inc. (formerly NTN Buzztime, Inc.) is biopharmaceutical company focused on exploring the role that cytokine, gene editing, and cell therapy can have in treating patients with cancer, blood disorders, and monogenic diseases. Brooklyn ImmunoTherapeutics reported a net loss of $122.31 million for the year ended Dec. 31, 2021, compared to a net loss of $26.53 million for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $32.43 million in total assets, $25.93 million in total liabilities, and $6.50 million in total stockholders' and members' equity. New York, NY-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. BUCKINGHAM TOWER: Seeks to Hire Penachio Malara as Legal Counsel ---------------------------------------------------------------- Buckingham Tower Condominium, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Penachio Malara, LLP to serve as legal counsel in its Chapter 11 case. The firm will render these services: (a) assist the Debtor in the administration of its Chapter 11 proceeding, the preparation of operating reports and complying with applicable law and rules; (b) review claims and resolve claims which should be disallowed; (c) assist in the sale of the Debtor's apartment units; and (d) assist in reorganizing and confirming a Chapter 11 plan or implementing an alternative exit strategy. The firm intends to bill the Debtor at the following rates: Anne Penachio, Esq. $495 per hour Francis Malara, Esq. $495 per hour Paralegal $200 per hour In addition, the firm will seek reimbursement for out-of-pocket expenses. Penachio Malara received a retainer in the amount of $12,000. Anne Penachio, Esq., a partner at Penachio Malara, disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Anne Penachio, Esq. Penachio Malara, LLP 245 Main Street-Suite 450 White Plains, NY 10601 Phone: (914) 946-2889 Email: Email: frank@pmlawllp.com About Buckingham Tower Condominium Buckingham Tower Condominium Inc., a condominium association, is in the business of owning and managing the common areas of the premises at 615 Warburton Avenue, Yonkers, NY and also owning and managing 25 sponsored apartment buildings . Each apartment is worth approximately $165,000. Buckingham Tower Condominium Inc. filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-22403) on June 30, 2022. In the petition filed by Jose Guerrero, president, the Debtor listed $1 million to $10 million in both assets and liabilities. Judge Sean H. Lane oversees the case. Anne J. Penachio, of Penachio Malara LLP, is the Debtor's counsel. CC HILLCREST: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: CC Hillcrest, LLC d/b/a Hillcrest Apartments 2019 Hillcrest Street Mesquite, TX 75149 Business Description: CC Hillcrest is a Single Asset Real Estate as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: July 29, 2022 Court: United States Bankruptcy Court Northern District of Texas Case No.: 22-31362 Judge: Hon. Scott W. Everett Debtor's Counsel: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 1412 Main Street, Suite 500 Dallas, Texas 75202 Tel: (972) 503-4033 Email: joyce@joycelindauer.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Jared Remington as manager. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/AQR5UNI/CC_Hillcrest_LLC__txnbke-22-31362__0001.0.pdf?mcid=tGE4TAMA CEDAR HAVEN: Amended Combined Disclosure & Plan Confirmed by Judge ------------------------------------------------------------------ Judge J. Kate Stickles has entered findings of fact, conclusions of law and order confirming First Amended Combined Disclosure Statement and Plan of Reorganization of Cedar Haven Acquisition, LLC. The Plan provides adequate and proper means for its implementation, including without limitation, (i) the vesting of assets in the Reorganized Debtor; (ii) the Debtor's continued corporate existence as the Reorganized Debtor and emergence from Chapter 11; (iii) the Reorganized Debtor's management composition; and (iv) establishment of the GUC Pool. Thus, the Plan satisfies the requirements of section 1123(a)(5) of the Bankruptcy Code. The Plan has been proposed in good faith and not by any means forbidden by law, thereby satisfying the requirements of section 1129(a)(3) of the Bankruptcy Code. In making this determination, the Court has considered the circumstances and record of this case and the process leading to the filing of the Combined Plan and Disclosure Statement and the Combined Hearing. The Plan is the result of extensive arm's length and good faith negotiations among the Debtor, the Committee, the Landlord and Stone Barn, and has received strong support from creditors. The Plan is proposed to effect a successful reorganization of the Debtor and to maximize creditor recoveries, and accordingly is consistent with the objectives and purposes of the Bankruptcy Code. On the Effective Date, Stone Barn shall continue to own ninety five percent (95%) and Michael D. D'Arcangelo shall continue to own five percent (5%) of the membership interests of the Reorganized Debtor. A copy of the Plan Confirmation Order dated July 28, 2022, is available at https://bit.ly/3SjY5G3 from Stretto, claims agent. Counsel for the Debtor: William E. Chipman, Jr., Esq. Mark L. Desgrosseilliers, Esq. Mark D. Olivere, Esq. CHIPMAN BROWN CICERO & COLE, LLP Hercules Plaza, 1313 North Market St., Suite 5400 Wilmington, Delaware 19801 Telephone: (302) 295-0191 Facsimile: (302) 295-0199 Email: chipman@chipmanbrown.com desgross@chipmanbrown.com olivere@chipmanbrown.com About Cedar Haven Acquisition Cedar Haven Acquisition, LLC -- https://cedarhaven.healthcare/ -- is a licensed skilled nursing facility located in Lebanon, Pa., that offers professionally supervised nursing care and related medical and health services to persons whose needs are such that they can only be met in a nursing facility on an inpatient basis because of age, illness, disease, injury, convalescence or physical or mental infirmity. It was formed in 2014 through the sale of Cedar Haven Healthcare Center by the Lebanon County Commissioners to Cedar Haven. Cedar Haven Acquisition and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 19-11736) on August 2, 2019. At the time of the filing, Cedar Haven Acquisition estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. The cases are assigned to Judge Christopher S. Sontchi. William E. Chipman Jr., Esq., at Chipman Brown Cicero & Cole, LLP, represents the Debtors. Stretto is the Debtor's claims agent. Andrew Vara, the acting U.S. trustee for Region 3, appointed a committee of unsecured creditors on Aug. 20, 2019. The committee tapped Potter Anderson & Corroon LLP as its legal counsel and Ryniker Consultants LLC as its financial advisor. CELSIUS NETWORK: Seeks to Keep Ex-CFO Bolger as Advisor ------------------------------------------------------- Crypto lender Celsius Network has filed a motion to retain its former CFO, Rod Bolger, to advise on its bankruptcy proceedings. Mr. Bolger resigned from Celsius on June 30, 2022 after serving as its CFO for just five months. Mr. Bolger is required to give the Debtors eight weeks’ notice, which he has done, and he is continuing to serve as an employee of the Debtors. On July 11, 2022, the Debtors promoted Chris Ferraro to the position of CFO. Bolger -– who previously had been CFO at Royal Bank of Canada -- joined Celsius after its previous CFO, Yaron Shalem, was arrested in Israel. Celsius Network subsequently filed for bankruptcy protection in mid-July. Now, the Debtors are seeking Bankruptcy Court approval to enter into an Advisory Agreement with Rod Bolger for a period of at least six weeks. As advisor, Mr. Bolger will be paid the sum of CAD$120,000 per month. "Because of Mr. Bolger's familiarity with the Debtors' business, the Debtors have requested, and Mr. Bolger has agreed pending the Court's approval, to continue providing advisory and consulting services to the Debtors pursuant to an Advisory Agreement. As CFO for the Debtors during the extreme market volatility in 2022, Mr. Bolger led efforts to steady the business, guided the financial aspects of the business, and acted as a leader of the company. Through the Advisory Agreement, the Debtors will be able to continue utilizing Mr. Bolger's institutional knowledge and services for at least two additional months for the benefit of their business and their estates as they continue to transition roles and responsibilities to their new CFO. The Debtors recognize that they need Mr. Bolger's services and expertise as they manage their transition into chapter 11 and begin negotiating a path forward. His institutional knowledge and experience concerning the unique features of cryptocurrency are invaluable," Celsius said in court filings. "Recognizing the negative impact to the Debtors' business if Mr. Bolger were to abruptly discontinue providing services to the Debtors, the Debtors believe that entry into the Advisory Agreement is a proper exercise of their business judgment, is justified by the facts and circumstances of these chapter 11 cases, is in the best interests of their estates, and will benefit all stakeholders in these chapter 11 cases." About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtor estimated assets and liabilities between $1 billion and $10 billion. Joshua A. Sussberg, of Kirkland & Ellis LLP, is serving as legal counsel, Centerview Partners is serving as financial advisor, and Alvarez & Marsal is serving as restructuring advisor. Kirkland & Ellis LLP is serving as legal counsel, Centerview Partners is serving as financial advisor, and Alvarez & Marsal is serving as restructuring advisor to Celsius. Stretto, the claims agent, maintain the page https://cases.stretto.com/celsius CORSICANA BEDDING: Seeks to Hire A&G Realty Partners as Consultant ------------------------------------------------------------------ Corsicana Bedding, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ A&G Realty Partners, LLC as their real estate consultant and advisor. The firm will render these services: a. consult with the Debtors to discuss the Debtors' goals, objectives and financial parameters in relation to their leases; b. provide ongoing advice and guidance related to individual financing and non-financial lease restructuring opportunities; c. negotiate with the landlords of the leases on behalf of the Debtors to obtain lease modifications; d. negotiate with the landlords and other third parties on behalf of the Debtors to obtain lease terminations acceptable to the Debtors; e. negotiate with the landlords on behalf of the Debtors to obtain early termination rights; f. report periodically to the Debtors regarding the status of the services; and g. coordinate with the Debtors' internal and legal teams to resolve any business problems that may arise. The firms compensation are as follows: (i) Security Retainer. The Debtors paid a retainer in the amount of one hundred seventy-five thousand dollars ($25,000) upon execution of the Services Agreement. The retainer is non-refundable and shall be applied to the final invoice for fees and expenses due under the Services Agreement. (ii) Monetary Lease Modifications. For each Monetary Lease Modification obtained by A&G on behalf of the Debtors, A&G shall earn and be paid a fee in the amount of 5 percent of the Occupancy Cost Savings per Lease. (iii) Lease Terminations. For each Lease Termination obtained by A&G on behalf of the Debtors, A&G shall earn and be paid a fee in the amount of 5 percent of the Occupancy Cost Savings. (iv) Non-Monetary Lease Modifications. For each Non-Monetary Lease Modification obtained by A&G on behalf of the Debtors, A&G shall earn and be paid a fee of 1/4 of one month's Gross Occupancy Cost per Lease. (v) Early Termination Rights. For each Early Termination Right obtain by A&G on behalf of the Debtors, A&G shall earn and be paid a fee of 1/2 of one month's Gross Occupancy Cost per Lease. (vi) Fees. A&G shall provide the Debtors with a deal sheet with the terms of the proposed Lease Modification, Lease Termination, or Early Termination Right. A Deal Sheet can include, inter alia, an email or other written communication from A&G setting forth the terms of the proposed Service. A&G is a "disinterested person" within the meaning of Bankruptcy Code Sec. 101(14), as required by Bankruptcy Code § 327(a), and does not hold or represent an interest adverse to the Debtors' estates, according to court filings. The firm can be reached through: Emelio Amendola A&G Realty Partners, LLC 445 Broadhollow Road, Suite 410 Melville, NY 11797 Tel: (631) 465-9507 Email: emilio@agrep.com About Corsicana Bedding Corsicana Bedding, LLC, is a U.S.-based manufacturer of mattresses and foundations. The company is headquartered in Texas and operates manufacturing facilities in Texas, Arizona, Connecticut, Florida, North Carolina, Tennessee, Washington, and Wisconsin. Corsicana Bedding and its affiliates sought Chapter 11 bankruptcy protection (Bankr. N.D. Texas Lead Case No. 22-90016) on June 25, 2022. As of May 30, 2022, Corsicana Bedding had total assets of $151 million and total liabilities of $260 million. The Hon. Edward L. Morris is the case judge. The Debtors tapped Haynes and Boone, LLP as bankruptcy counsel; Jones Walker, LLP as corporate counsel; and Houlihan Lockey, Inc. and CR3 Partners, LLC as financial advisors. Donlin Recano & Company, Inc. is the claims agent. CORSICANA BEDDING: Seeks to Hire Jones Walker as Corporate Counsel ------------------------------------------------------------------ Corsicana Bedding, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Jones Walker, LLP as their corporate counsel. The services to be rendered by Jones Walker include legal advice regarding corporate governance; potential mergers and acquisitions; and investigatory, regulatory, and tax matters. The firm will also represent the Debtors in certain litigation matters. The firm will be paid at these rates: Partners $625 - $950 per hour Associates $380 - $525 per hour Paralegals $225 - $345 per hour Jones Walker received $10,000 as a retainer. Joseph Bain, Esq., a partner at Jones Walker, disclosed in a court filing that his firm neither represents nor holds any interest adverse to the Debtor or to the estate with respect to the matter on which the firm is to be employed. The firm can be reached through: Joseph Bain, Esq. Jones Walker, LLP Suite 2900, 811 Main St Houston, TX 77002 Tel: 713-437-1800 Fax: 713-437-1810 Email: jbain@joneswalker.com About Corsicana Bedding Corsicana Bedding, LLC, is a U.S.-based manufacturer of mattresses and foundations. The company is headquartered in Texas and operates manufacturing facilities in Texas, Arizona, Connecticut, Florida, North Carolina, Tennessee, Washington, and Wisconsin. Corsicana Bedding and its affiliates sought Chapter 11 bankruptcy protection (Bankr. N.D. Texas Lead Case No. 22-90016) on June 25, 2022. As of May 30, 2022, Corsicana Bedding had total assets of $151 million and total liabilities of $260 million. The Hon. Edward L. Morris is the case judge. The Debtors tapped Haynes and Boone, LLP as bankruptcy counsel; Jones Walker, LLP as corporate counsel; and Houlihan Lockey, Inc. and CR3 Partners, LLC as financial advisors. Donlin Recano & Company, Inc. is the claims agent. CREATD INC: Delivers Regulation SHO Notification to D.F. King ------------------------------------------------------------- Creatd, Inc. has delivered a Regulation SHO notification to its information agent, D.F. King & Co., Inc. Commented Creatd's Founder and Executive Chairman, Jeremy Frommer, "In order to ensure a fair and orderly process, we have notified D.F. King that we expect them to notify the clearing firms and DTC whose clients are long CRTD and CRTDW of the Record Date for the rights offering. We have also asked them to notify all of the clearing firms and DTC whose clients may be short CRTD and CRTDW of this information, and advised them of their clients' ongoing obligation to comply with Regulation SHO. This regulation established the "locate" and "close-out" requirements aimed at curtailing naked short selling and other practices. Naked shorting takes place when investors sell short shares that they do not possess and have not confirmed their ability to possess. Having been in the financial services industry for over two decades, I am well aware of how to vigorously pursue those individuals who violate these obligations so as to ensure, by all means at our disposal, that our shareholders are protected from any possible nefarious behavior." For further information about the Company's $40MM Rights Offering, please refer to: https://creatd.com/presentation. About Creatd Inc. Headquartered in Fort Lee, NJ, Creatd, Inc. -- https://creatd.com -- is a company whose mission is to provide economic opportunities to creators by multiplying the impact of platforms, people, and technology. The Company operates four main business segments: Creatd Labs, Creatd Partners, Creatd Ventures, and Creatd Studios. Creatd reported a net loss of $37.38 million for the year ended Dec. 31, 2021, a net loss of $24.21 million for the year ended Dec. 31, 2020, and a net loss of $8.04 million for the year ended Dec. 31, 2019. As of March 31, 2022, the Company had $9.34 million in total assets, $6.23 million in total liabilities, and $3.11 million in total stockholders' equity. CREEPY COMPANY: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Creepy Company LLC d/b/a Creepy Co 2155 S. Carpenter St. Chicago, IL 60608 Business Description: Creepy Company sells horror-themed blankets, rugs, lapel pins, apparel, & other products. Chapter 11 Petition Date: August 1, 2022 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 22-08660 Judge: Hon. Carol A. Doyle Debtor's Counsel: Scott R. Clar, Esq. CRANE, SIMON, CLAR & GOODMAN Suite 3950 135 South LaSalle Street Chicago, IL 60603-4297 Tel: 312-641-6777 Fax: 312-641-7114 Email: sclar@cranesimon.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Susanne C. Goethals as owner and manager. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/HLRP5HA/Creepy_Company_LLC__ilnbke-22-08660__0001.0.pdf?mcid=tGE4TAMA DAYBREAK OIL: Incurs $1.2M Net Loss in Quarter Ended May 31 ----------------------------------------------------------- Daybreak Oil and Gas, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $1.17 million on $247,615 of revenue for the three months ended May 31, 2022, compared to a net loss of $132,651 on $147,300 of revenue for the three months ended May 31, 2021. As of May 31, 2022, the Company had $8.79 million in total assets, $3.81 million in total liabilities, and $4.98 million in total stockholders' equity. Daybreak Oil stated, "The Company anticipates its revenue will continue to increase as the Company participates in the drilling of more wells in the East Slopes and Reabold projects in California. Daybreak's sources of funds in the past have included the debt or equity markets and the sale of assets. It will be necessary for the Company to obtain additional funding from the private or public debt or equity markets in the future. However, the Company cannot offer any assurance that it will be successful in executing the aforementioned plans to continue as a going concern. "We believe that our liquidity will improve when there is a sustained improvement in hydrocarbon prices. Our sources of funds in the past have included the debt or equity markets and the sale of assets. While the Company does have positive cash flow from its crude oil properties, it has not yet established a positive cash flow on a company-wide basis. It will be necessary for the Company to obtain additional funding from the private or public debt or equity markets in the future. However, we cannot offer any assurance that we will be successful in executing the aforementioned plans to continue as a going concern." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1164256/000151597122000139/dbrm10q053122.htm About Daybreak Oil and Gas Daybreak Oil and Gas, Inc. is an independent crude oil and natural gas company currently engaged in the exploration, development and production of onshore crude oil and natural gas in the United States. The Company is headquartered in Spokane Valley, Washington with an operations office in Friendswood, Texas. Daybreak owns a 3-D seismic survey that encompasses 20,000 acres over 32 square miles with approximately 6,500 acres under lease in the San Joaquin Valley of California. The Company operates production from 20 oil wells in our East Slopes project area in Kern County, California. Daybreak Oil reported a net loss of $398,450 for the 12 months ended Feb. 28, 2022, compared to a net loss of $512,265 for the 12 months ended Feb. 28, 2021. As of Feb. 28, 2022, the Company had $975,704 in total assets, $4.32 million in total liabilities, and a total stockholders' deficit of $3.35 million. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2006, issued a "going concern" qualification in its report dated June 15, 2022, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. DESERT INSTITUTE: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Desert Institute for Spine Disorders, PC 8573 E. Princess Drive, Suite 221 Scottsdale, AZ 85255 Business Description: The Debtor specializes in conservative spine treatment for neck and low back pain. Chapter 11 Petition Date: August 1, 2022 Court: United States Bankruptcy Court District of Arizona Case No.: 22-05043 Judge: Hon. Madeleine C. Wanslee Debtor's Counsel: Randy Nussbaum, Esq. SACKS TIERNEY P.A. 4250 N Drinkwater Blvd. 4th Floor Scottsdale, AZ 85251-3693 Tel: 480-425-2600 Email: Randy.Nussbaum@SacksTierney.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Duane D.H. Pitt as president. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/FLLJQFI/DESERT_INSTITUTE_FOR_SPINE_DISORDERS__azbke-22-05043__0001.0.pdf?mcid=tGE4TAMA DIGIPATH INC: President Buys 1,000 Series C Preferred Shares ------------------------------------------------------------ Digipath, Inc. entered into a securities purchase agreement with Todd Denkin, the Company's president, pursuant to which Mr. Denkin purchased 1,000 shares of the Company's newly designated Series C Preferred Stock for a purchase price of $0.10 per share of Series C Preferred Stock. The principal feature of the Series C Preferred Stock is that it provides the holder thereof, so long as he or she is an executive officer of the Company, with the ability to vote with the holders of the Company's common stock on all matters presented to the holders of common stock, whether at a special or annual meeting, by written action in lieu of a meeting or otherwise, on the basis of 200,000 votes for each share of Series C Preferred Stock. The shares of Series C Preferred Stock are not convertible into common stock, are not entitled to dividends, are not subject to redemption, and have a stated value of $0.10 per share payable on any liquidation of the Company in preference to any payment payable to the holders of common stock. In light of the Company's limited financial resources, the Board determined that the sale of the Series C Preferred Stock to Mr. Denkin is in the best interests of the Company as it may provide the Company with the ability in the future to consummate a strategic transaction on an expedited basis. On July 20, 2022, following the approval of the Board of Directors of the Company, the Company filed a Certificate of Designation with the Secretary of State of the State of Nevada designating 1,000 shares of the Company's Series C Preferred Stock. About DigiPath Headquartered in Las Vegas, Nevada, Digipath, Inc. -- http://www.digipath.com-- offers full-service testing lab for cannabis, hemp and ancillary cannabis and hemp infused products serving growers, dispensaries, caregivers, producers, patients and eventually all end users of cannabis and botanical products. Digipath reported a net loss of $686,503 for the year ended Sept. 30, 2021, compared to a net loss of $2.31 million for the year ended Sept. 30, 2020. As of March 31, 2022, the Company had $2.37 million in total assets, $3.82 million in total liabilities, $333,600 in series B convertible preferred stock, and a total stockholders' deficit of $1.79 million. Houston, Texas-based M&K CPAS, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Dec. 29, 2021, citing that the Company has recurring losses from operations and insufficient working capital, which raises substantial doubt about its ability to continue as a going concern. DRALA MOUNTAIN: Projected Disposable Income to Fund Plan -------------------------------------------------------- Drala Mountain Center, formerly known as Shambhala Mountain Center, filed with the U.S. Bankruptcy Court for the District of Colorado a Plan of Reorganization under Subchapter V dated July 28, 2022. DMC was founded 50 years ago, in 1971, by Chogyam Trungpa Rinpoche, a Tibetan Buddhist meditation teacher, as a retreat center for meditation and practice in the tradition of the Kagyu and Nyingma lineages of Tibetan Buddhism. DMC is a 501(c)(3) non-profit corporation formed under the Colorado Revised Nonprofit Corporation Act. One of DMC's most significant landmarks is The Great Stupa of Dharmakaya (the "Great Stupa"), built over a 13-year period by volunteers and funded entirely through donations. Although located on adjacent land owned by Shambhala USA (f/k/a Shambhala International (Vajradhatu)) ("SUSA"), a non-profit corporation with a shared mission, the Great Stupa is open to the public, is managed by DMC, and is accessible to DMC program participants. DMC filed this subchapter V case to allow additional time to meet the conditions for receipt of the Pema Chodron Foundation Donation, to preserve its non-profit mission, and to restructure the Red Hills Loan through a Subchapter V plan of reorganization. On or about May 31, 2022, the Debtor and Red Hills reached agreement on terms to modify the Red Hills Loan as set forth in the (i) term sheet (the "Red Hills Term Sheet"), (ii) form of restructuring agreement (the "Restructuring Agreement"), (iii) form of restructured note (the "Restructured Red Hills Note"), (iv) forms of amendments to the deeds of trust securing the Red Hills Loan (the "Amendments to Deeds of Trust"), and (v) form of first amendment to amended and restated security agreement (the "Security Agreement Amendment," and collectively with the Restructuring Agreement, the Restructured Red Hills Note, the Amendments to Deeds of Trust, and the AORs, the "Amended Red Hills Loan Documents"). SUSA has agreed to the restructuring of the Red Hills Loan as set forth in the Red Hills Term Sheet and implemented. In addition, conditioned upon the correction of the Deed of Trust Error pursuant to the Amendments to Deeds of Trust, SUSA has agreed to the restructuring of its unsecured note claims pursuant to a restructured consolidated unsecured note in the form (the "Restructured SUSA Note"). This Plan effectuates the agreements with the Debtor's key stakeholders as set forth in the Red Hills Term Sheet and the Restructured SUSA Note. Accordingly, the Debtor expects that Plan will be approved on a consensual basis and that holders of claims against the Debtor that are entitled to vote will vote in favor of this Plan. Class 6 consists of Allowed general unsecured claims, other than Allowed Administrative Convenience Claims (the "Allowed Unsecured Claims"). Except to the extent that a holder of an Allowed Unsecured Claim agrees to less favorable treatment, each such holder shall receive the following treatment, as applicable: * All Allowed Unsecured Claims (other than the SUSA Claim) shall be Allowed as provided herein and shall be paid interest from the Effective Date in arrears at a rate of 5% per annum. * All Allowed Unsecured Claims (other than the SUSA Claim) shall be amortized over five years and paid in equal quarterly installments of principal and interest on the last business day of each full calendar quarter following the Effective Date. * All Allowed Unsecured Claims (other than the SUSA Claim) shall mature and be paid in full on the fifth anniversary of the Effective Date. * The note claims of Robert and Lindy King and Michael Gayner (the "Allowed Unsecured Note Claims") shall be Allowed in the amount of principal and accrued interest at the non-default contractual rate as of the Effective Date. SUSA Claim. SUSA's unsecured note claims shall be Allowed in Class 6 in the amount of $230,000 (the "SUSA Claim"). Conditioned upon the correction of the Deed of Trust Error by the submission for recordation of the Amendments to Deeds of Trust, SUSA has elected less favorable treatment of its SUSA Claim pursuant to the terms of the Restructured SUSA Note. Class 6 is impaired under the Plan. Class 7 consists of Allowed general unsecured claims equal to or less than $15,000, other than Allowed Unsecured Note Claims ("Allowed Administrative Convenience Claims"). Holders of Allowed Administrative Convenience Claims shall receive payment in cash equal to the Allowed amount of such claims, on or as soon as reasonably practicable after the later of (x) the Effective Date, (y) the date such Claim is Allowed, and (z) if applicable, the date of receipt of a Convenience Claim Election Notice by DMC's counsel. Class 7 is unimpaired under the Plan. DMC's projected disposable income will be used for distributions to creditors. As the Projections reflect, the total estimated amount of distributions over the five-year period from the Plan Effective Date through 2027 is $186,249 to unsecured creditors, and $1,434,613 to Red Hills (not including the Effective Date Payment). The Debtor proposes to pay creditors from its Projected Disposable Income, which will be derived from current available assets and program revenues as well as from the Pema Chodron Foundation Donation, donations of matching donors, and donations received from fundraising campaigns. The Debtor believes the confirmation of the Plan is not likely to be followed by the liquidation, or the need for further financial reorganization, of the Debtor. A full-text copy of the Plan of Reorganization dated July 28, 2022, is available at https://bit.ly/3PRlXPy from PacerMonitor.com at no charge. Counsel to the Debtor: James M. Wilton, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, MA 02199-3600 Telephone: (617) 951-7474 Email: james.wilton@ropesgray.com James T. Markus, Esq. Zachary G. Sanderson, Esq. Markus Williams Young & Hunsicker LLC 1775 Sherman Street, Suite 1950 Denver, CO 80203-4505 Telephone: (303) 830-0800 Facsimile: (303) 830-0809 Email: jmarkus@markuswilliams.com zsanderson@markuswilliams.com About Drala Mountain Center Drala Mountain, formerly Shambala Mountain Center, is a Tibetan Buddhist retreat and meditation hub in Colorado. Drala Mountain filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-10656) on Feb. 28, 2022, listing up to $10 million in both assets and liabilities. Joli A. Lofstedt serves as Subchapter V trustee. Judge Joseph G. Rosania, Jr. oversees the case. The Debtor tapped Ropes & Gray, LLP as bankruptcy counsel; Markus Williams Young & Hunsicker, LLC as local counsel; Alexander Halpern, LLC as special counsel; Cordes & Company as financial advisor; and Keegan Linscott and Associates, PC as consultant. EKSO BIONICS: Incurs $3 Million Net Loss in Second Quarter ---------------------------------------------------------- Ekso Bionics Holdings, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $2.98 million on $3.47 million of revenue for the three months ended June 30, 2022, compared to a net loss of $1.27 million on $2.21 million of revenue for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported a net loss of $7.60 million on $6.03 million of revenue compared to a net loss of $4.94 million on $4.12 million of revenue for the six months ended June 30, 2021. As of June 30, 2022, the Company had $40.52 million in total assets, $8.79 million in total liabilities, and $31.73 million in total stockholders' equity. "Led by the largest multi-unit order in company history, Ekso achieved strong revenue growth in the second quarter," said Steven Sherman, chairman and chief executive officer of Ekso Bionics. "The FDA's recent clearance of EksoNR for the MS indication is an important milestone that gives a significant patient segment access to our proven treatment solutions and expands our market opportunity. Our team has also continued to proactively manage supply chain constraints. Looking ahead, with increasing customer awareness and demand of our innovative devices, we remain focused on sustaining solid execution and delivering value to shareholders." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001549084/000154908422000051/ekso-20220630.htm About Ekso Bionics Ekso Bionics -- http://www.eksobionics.com-- designs, develops, and markets exoskeleton products that augment human strength, endurance and mobility. Its exoskeleton technology serves multiple markets and can be utilized both by able-bodied persons and persons with physical disabilities. Ekso Bionics reported a net loss of $9.76 million for the year ended Dec. 31, 2021, a net loss of $15.83 million for the year ended Dec. 31, 2020, a net loss of $12.13 million for the year ended Dec. 31, 2019, and a net loss of $26.99 million for the year ended Dec. 31, 2018. As of March 31, 2022, the Company had $44.24 million in total assets, $10.76 million in total liabilities, and $33.49 million in total stockholders' equity. ENJOY TECHNOLOGY: Seeks to Hire Cooley LLP as Legal Counsel ----------------------------------------------------------- Enjoy Technology, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Cooley, LLP as their legal counsel. The firm will render these services: (a) advise the Debtors of their rights, powers, and duties as a debtor-in-possession under chapter 11 of the Bankruptcy Code; (b) prepare legal papers; (c) advise the Debtors concerning, and prepare responses to, applications, motions, other pleadings, notices, and other papers that may be filed and served in these Cases; (d) advise the Debtors with respect to, and assist in the negotiation and documentation of, financing agreements and related transactions; (e) review the nature and validity of any liens asserted against the Debtors' property and advise the Debtors concerning the enforceability of such liens; (f) advise the Debtors regarding its ability to initiate actions to collect and recover property for the benefit of their estates; (g) counsel the Debtors in connection with any sale of assets and related documents; (h) counsel the Debtors in connection with any chapter 11 plan and related documents; (i) advise and assist the Debtors in connection with any potential property dispositions; (j) advise the Debtors concerning executory contract and unexpired lease assumptions, assignments, and rejections; (k) assist the Debtors in reviewing, estimating, and resolving claims asserted against the Debtors' estates; (l) commence and conduct litigation necessary or appropriate to assert rights held by the Debtors, protect assets of the Debtors' estates, or otherwise further the goal of completing the Debtors' chapter 11 plan; (m) provide corporate, employee benefit, litigation, tax, and other general non-bankruptcy services to the Debtors to the extent requested by the Debtors; and (n) perform all other necessary or appropriate legal services in connection with these Cases for or on behalf of the Debtors. The firm will be paid at these hourly rates: Partners $1,175 - $1,925 Counsel $1,160 - $1,440 Associates $620 - $1,155 Paralegals $185 - $560 Professional Staff $150 - $385 Cullen Speckhart, Esq., a partner at Cooley, disclosed in court filings that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Mr. Speckhar disclosed that: -- Cooley has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- none of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- Cooley represented the Debtors' during the 12 months prepetition in connection with the bankruptcy preparation, as well as in unrelated matters; and -- Cooley has submitted a staffing plan and budget that covers the time period from June 30, 2022 through September 30, 2022 to the Debtors. The Debtors approved the staffing plan and budget. The firm can be reached through: Cullen D. Speckhart, Esq. Cooley LLP 1299 Pennsylvania Avenue, NW, Suite 700 Washington, D.C. 20004 Telephone: (202) 842-7800/(202) 776-2052 Facsimile: (202) 842-7899/(212) 479-6657 Email: cspeckhart@cooley.com About Enjoy Technology Enjoy Technology, Inc. provides a commerce-at-home experience for consumers through their network of mobile retail stores. It is based in Palo Alto, Calif. Enjoy Technology and affiliates, Enjoy Technology Operating Corp. and Enjoy Technology, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10580) on June 30, 2022. In the petition signed by Tiffany N. Meriweather, chief legal officer and corporate secretary, Enjoy Technology, Inc. disclosed $111,661,000 in total assets and $69,956,000 in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Cooley, LLP and Richards, Layton, and Finger P.A. as legal counsels; Centerview Partners, LLC as investment banker; PricewaterhouseCoopers, LLP as auditor; and Todd Zoha of AP Services, LLC as chief financial officer. Stretto, Inc. is the claims, noticing agent and administrative advisor. Asurion, LLC, a Delaware Limited Liability Company, as DIP lender, is represented by Gibson, Dunn & Crutcher LLP, Bass, Berry & Sims PLC, and Pachulski Stang Ziehl & Jones, LLP. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases on July 11, 2022. The committee is represented by Howard Cohen, Esq. ENJOY TECHNOLOGY: Seeks to Hire PricewaterhouseCoopers as Auditor ----------------------------------------------------------------- Enjoy Technology, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire PricewaterhouseCoopers, LLP as auditor. PwC will provide these services: a. 2022 Audit Services Engagement Letter: i. Auditing the consolidated financial statements of the Debtors at December 31, 2022 and for the year then ending. Upon completion of the audit, providing the Debtors with an audit report related to such financial statements. ii. Performing reviews of the Debtors' unaudited consolidated quarterly financial information of each of the first three quarters in the year ending December 31, 2022, before the Form 10-Q is filed. Communicating to the audit committee and management any materials that come to PwC's attention as a result of the review that PwC believes may require material modifications to the quarterly financial information to make it conform with accounting principles generally accepted in the United States. The firm will be paid at these rates: Partner $1,300 per hour Director $630 per hour Senior Manager $595 per hour Manager $530 per hour Senior Associate $490 per hour Associate $275 per hour Trevor Tyacke, a partner at PwC, disclosed in court filings that his firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. PwC can be reached through: Trevor N. Tyacke PricewaterhouseCoopers LLP 405 Howard Street Suite 600 San Francisco, CA 94105 Tel: +1 (415) 498 5000 About Enjoy Technology Enjoy Technology, Inc. provides a commerce-at-home experience for consumers through their network of mobile retail stores. It is based in Palo Alto, Calif. Enjoy Technology and affiliates, Enjoy Technology Operating Corp. and Enjoy Technology, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10580) on June 30, 2022. In the petition signed by Tiffany N. Meriweather, chief legal officer and corporate secretary, Enjoy Technology, Inc. disclosed $111,661,000 in total assets and $69,956,000 in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Cooley, LLP and Richards, Layton, and Finger P.A. as legal counsels; Centerview Partners, LLC as investment banker; PricewaterhouseCoopers, LLP as auditor; and Todd Zoha of AP Services, LLC as chief financial officer. Stretto, Inc. is the claims, noticing agent and administrative advisor. Asurion, LLC, a Delaware Limited Liability Company, as DIP lender, is represented by Gibson, Dunn & Crutcher LLP, Bass, Berry & Sims PLC, and Pachulski Stang Ziehl & Jones, LLP. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases on July 11, 2022. The committee is represented by Howard Cohen, Esq. ENJOY TECHNOLOGY: Seeks to Hire Ropes & Gray as Special Counsel --------------------------------------------------------------- Enjoy Technology, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Ropes & Gray LLP as special counsel to the Investigation Subcommittee of the Strategic Review Committee of their board of directors. The firm's services include: (a) assisting the Investigation Subcommittee with the Investigation and related restructuring and litigation matters, including any interactions with any parties in interest in these Chapter 11 Cases as they relate to the Investigation; (b) preparing pleadings in connection with the Chapter 11 Cases, including motions, applications, answers, orders, reports and other papers necessary or otherwise beneficial to meet the objectives of the Investigation Subcommittee in connection with the Investigation, including by prosecuting litigation on behalf of the Debtors and their estates; (c) advising the Investigation Subcommittee with respect to its rights, powers, and duties; (d) appearing before the Court and any other courts to represent the interests of the Investigation Subcommittee before such courts; and (e) attending meetings and representing the Investigation Subcommittee in negotiations with the Debtors, representatives of creditors, and other parties in interest. The firm will be paid at these hourly rates: Partners $1,400 - $2,150 Counsel $770 - $2,130 Associates $700 - $1,270 Paraprofessionals $260 - $595 Ryan Preston Dahl, Esq., a partner at Ropes & Gray, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Mr. Dahl disclosed that: -- it has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- none of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- Ropes & Gray represented the Investigation Subcommittee since May 2022 with respect to the Investigation. During that period, the firm charged its standard rates in effect at that time. Ropes & Gray's billing rates have not changed or increased since May 2022; and -- Ropes & Gray has regular meetings with the Investigation Subcommittee to provide updates regarding the ongoing workstreams, developments, and material facts discovered in the course of the investigation, and other strategic considerations. Ropes & Gray will not otherwise develop a formal budget and staffing plan unless otherwise requested by the subcommittee. The firm can be reached through: Ryan Preston Dahl, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, NY 10036-8704 Telephone: 1 212 596 9144 Email: Ryan.Dahl@ropesgray.com About Enjoy Technology Enjoy Technology, Inc. provides a commerce-at-home experience for consumers through their network of mobile retail stores. It is based in Palo Alto, Calif. Enjoy Technology and affiliates, Enjoy Technology Operating Corp. and Enjoy Technology, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10580) on June 30, 2022. In the petition signed by Tiffany N. Meriweather, chief legal officer and corporate secretary, Enjoy Technology, Inc. disclosed $111,661,000 in total assets and $69,956,000 in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Cooley, LLP and Richards, Layton, and Finger P.A. as legal counsels; Centerview Partners, LLC as investment banker; PricewaterhouseCoopers, LLP as auditor; and Todd Zoha of AP Services, LLC as chief financial officer. Stretto, Inc. is the claims, noticing agent and administrative advisor. Asurion, LLC, a Delaware Limited Liability Company, as DIP lender, is represented by Gibson, Dunn & Crutcher LLP, Bass, Berry & Sims PLC, and Pachulski Stang Ziehl & Jones, LLP. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases on July 11, 2022. The committee is represented by Howard Cohen, Esq. EYP GROUP: $70.4M Sale to Page to Fund Plan Payments ---------------------------------------------------- EYP Group Holdings, Inc., and its Debtor Affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Proposed Disclosure Statement for Joint Chapter 11 Plan of Liquidation dated July 28, 2022. Prior to the consummation of the Sale Transaction, the Debtors owned the assets and operations related to the EYP Group, a top architecture, design and engineering firm in the United States. The ultimate parent is EYP Group Holdings, Inc. (referred to as the Group Parent), a Delaware S-corporation that was formed for purposes of effectuating an ESOP Transaction in 2016. On June 13, 2022, the Debtors commenced a virtual auction (the "Auction") with respect to the sale of substantially all of the EYP Group's assets in accordance with the bidding procedures annexed to the Bidding Procedures Order. On June 15, 2022, the Debtors designated Page's Qualified Bid as the Baseline Bid (as defined in the Bidding Procedures), and the following day Ault communicated that it would not submit further bids at the Auction. Accordingly, the Debtors concluded the Auction and selected Page as the prevailing party (the "Successful Bidder"). Pursuant to its bid, Page agreed to purchase the Assets and assume certain liabilities for, among other consideration, a purchase price of $70,400,000 plus certain specified assumed liabilities, as set forth in that certain Asset Purchase Agreement, dated June 20, 2022, between the Debtors and Page (the "Purchase Agreement"). The sale to Page closed on June 30, 2022. The final phase of these Chapter 11 Cases is the confirmation and consummation of the Plan, under which the Debtors will distribute, among other things, the remaining cash proceeds from the sale of their assets (the "Sale Proceeds") to creditors in accordance with the absolute priority rule and section 1129 of the Bankruptcy Code. The Plan is the product of good-faith, arm's-length negotiations and is consistent with the objectives of chapter 11. Throughout these Chapter 11 Cases, the Debtors worked closely and in coordination with their key stakeholders, including the Creditors' Committee. Class A3 consists of General Unsecured Claims against EYP, Inc. and Licensed Operating Debtors. Except to the extent a holder of an Allowed General Unsecured Claim has agreed to a less favorable treatment of such Claim, and only to the extent that any such Allowed General Unsecured Claim has not been satisfied prior to the Effective Date (with the consent of the Creditors' Committee), on the Effective Date, a holder of any such Allowed General Unsecured Claim shall receive its Pro Rata Share of $100,000 from the Distributable Cash; provided, however, that any excess amounts remaining after satisfying Claims in Class A3 shall be paid to creditors in Class C1. Class A4 consists of Equity Interests in the Operating Debtors. Class A4 Equity Interests in the Operating Debtors will receive no Distributions on account of such Equity Interests and will be canceled, released, and extinguished. Class B2 consists of General Unsecured Claims against EYP Holdings, Inc. Except to the extent a holder of an Allowed General Unsecured Claim has agreed to a less favorable treatment of such Claim, and only to the extent that any such Allowed General Unsecured Claim has not been satisfied prior to the Effective Date (with the consent of the Creditors' Committee), on the Effective Date, a holder of any such Allowed General Unsecured Claim shall receive its Pro Rata Share of $5,000 from the Distributable Cash; provided, however, that any excess amounts remaining after satisfying Claims in Class B2 shall be paid to creditors in Class C1. Class B3 consists of Equity Interest in EYP Holdings, Inc. Class B3 Equity Interests in EYP Holdings, Inc. will receive no Distributions on account of such Equity Interests, and will be canceled, released, and extinguished. Class C3 consists of General Unsecured Claims against EYP Group Holdings, Inc. Except to the extent a holder of an Allowed General Unsecured Claim has agreed to a less favorable treatment of such Claim, and only to the extent that any such Allowed General Unsecured Claim has not been satisfied prior to the Effective Date (with the consent of the Creditors' Committee), on the Effective Date, each holder of an Allowed General Unsecured Claim shall receive its Pro Rata Share of $100,000 from Distributable Cash in full and final satisfaction and release of such claim, provided that any amounts remaining of the $100,000 after payment of Claims in Class C3 shall be paid to holders of Claims in Class C1. Class C4 consists of Equity Interests in EYP Group Holdings, Inc. The Class C4 Equity Interests will receive no Distributions on account of such Equity Interests and will be canceled, released, and extinguished. On or prior to the Effective Date, the Litigation Trustee and the Debtors shall execute the Litigation Trust Agreement. The Litigation Trust shall become effective on the Effective Date. On the Effective Date, the Litigation Trust shall be deemed to be valid, binding and enforceable in accordance with the terms and provisions of the Plan and the Litigation Trust Agreement. After the Effective Date, the Litigation Trust Agreement may be amended in accordance with its terms without further order of the Bankruptcy Court. The Litigation Trust Agreement shall be satisfactory in form and substance to the Debtors and the Creditors' Committee. With the agreement of the Creditors' Committee, $500,000 of the Distributable Cash shall be set aside for the payment of Litigation Trust Expenses incurred by the Litigation Trust. Counsel for the Debtors: DLA PIPER LLP (US) R.Craig Martin (DE 5032) Aaron Applebaum (DE 5587) 1201 N. Market Street, Suite 2100 Wilmington, Delaware 19801 Telephone: (302) 468-5700 Facsimile: (302) 394-2341 Email: craig.martin@us.dlapiper.com aaron.applebaum@us.dlapiper.com DLA PIPER LLP (US) Richard A. Chesley (admitted pro hac vice) Oksana Koltko Rosaluk (admitted pro hac vice) 444 West Lake Street, Suite 900 Chicago, Illinois 60606 Telephone: (312) 368-4000 Facsimile: (312) 236-7516 Email: richard.chesley@us.dlapiper.com oksana.koltkorosaluk@us.dlapiper.com About EYP Group Holdings EYP Group Holdings, Inc., is an integrated design firm specializing in higher education, healthcare, government and science and technology. EYP Group Holdings and affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10367) on April 24, 2022. In the petition filed by Kefalari Mason, as authorized officer, EYP Group Holdings estimated assets between $50 million and $100 million and liabilities between $100 million and $500 million. The cases are assigned to Judge Mary F. Walrath. The Debtors tapped DLA Piper LLP (US) as bankruptcy counsel; Hollingsworth LLP as special counsel; Carl Marks Advisory Group, LLC as investment banker, and Alex Roque of Berkeley Research Group, LLC as interim chief financial officer. Epiq Corporate Restructuring, LLC is the claims and noticing agent and administrative advisor. Ault Alliance, Inc., the DIP lender, is represented by Mintz Levin Cohn Ferris Glovsky and Popeo, P.C. and Morris Nichols Arsht & Tunnell, LLP. The U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured creditors on May 4, 2022. The committee is represented by Bernstein Shur Sawyer & Nelson, P.A. FOTEH'S TANDOORI: Unsecured Will Get 50% of Claims in Plan ---------------------------------------------------------- Foteh's Tandoori, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement for Small Business Chapter 11 Plan dated July 28, 2022. The Debtor is a corporation. Since October 2015, the Debtor has been in the business of small eating establishment. Events leading to Chapter 11 filing include mandatory closure of the business during the pandemic, inability to operate due the Red Zone regulation, refusal by the Landlord to provide meaningful credit toward the rent arrears. General unsecured creditors are classified in Class 3 and will receive a distribution of 50% of their allowed claims. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of non-priority unsecured creditors. * Convenience Class. Paid in full in cash on effective date of the Plan or when due under contract or applicable bankruptcy. * General Unsecured Class. This Class shall receive a monthly payment of $1,900 from September 1, 2022 to August 31, 2027. The unsecured claims amount total $307,599.93. Payments and distributions under the Plan will be funded by revenue from the business. Attorney for the Plan Proponent: Olga Suslova, Esq. The Law Offices of Olga Suslova, P.C. 1600 Sheepshead Bay Rd, Suite 201 Brooklyn, NY 11235 Tel.: (718) 266-1555 Fax: (877) 682-5720 Email:suslova.olga@gmail.com About Foteh's Tandoori Foteh's Tandoori, Inc., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-40501) on March 31, 2022. The Law Offices of Olga Suslova, P.C., is serving as the Debtor's counsel. FREE SPEECH: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------- Free Speech Systems, LLC asks the U.S. Bankruptcy Court for the Southern District of Texas, Victoria Division, for authority to use cash collateral and provide adequate protection. The Debtor requires the use of cash collateral to pay reasonable and necessary operating expenses, including, but not limited to, employee payroll, rent, utilities, inventory purchases, lease payments, marketing, taxes, and insurance. Alex Jones began his career in the broadcasting industry fresh out of high school. Austin Public Access provided the forum for Alex's first broadcast. In 1996 he transitioned to talk radio. After leaving talk radio in 1999, he started broadcasting over the Internet with a handful of employees. Revenue was largely generated from advertising and the sale of books, t-shirts, and videos. What began as a family business continued to expand and in 2007 Free Speech Systems was formed. The business continued to grow, adding a full blown studio, and employing over 60 people. By 2013, FSS started selling dietary supplements to its growing listener base. Despite the rapid growth in the scale, diversity of operations and revenue, FSS remained a family run business and did not retain professional management or install professional management systems. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the US and via the Internet through websites including Infowars.com. On its Infowars.com website today, FSS makes available to customers dietary supplements, ranging from Vitamin D3 Gummies, Ultimate Immune Support Pack, Pollen Block, and other health products, including Tea Tree Shampoo. The website also has available books, t-shirts and other products Jones advertises during his radio talk show. The vast majority of FSS revenues comes from sales of dietary supplements which have traditionally been supplied by PQ PR Holdings Limited, LLC, an affiliated entity. As of July 1, 2022, FSS employed a workforce of 58 individuals, the majority of whom had direct reporting relationship to Alex Jones. In one building in Austin, FSS has four studios. This is the building where Jones produces his shows, including The Alex Jones Show. An adjacent building contains administrative offices and customer support. In a separate location in Austin, FSS has a building where warehousing and product sales fulfillment takes place. All of the studios and offices are in leased space. FSS has a unique audience that is highly loyal to Alex Jones and purchases products based on Alex Jones' credibility. Product sales from Infowars.com stores are a significant source of revenue for FSS. Approximately 80% of FSS' revenue is derived from product sales. Of the remainder, 11% is historically from advertising and the balance from a variety of sources. Through its online sales channel, FSS currently sells (i) dietary supplements purchased by PQPR, (ii) dietary supplements purchased by FSS, and (i) books, DVDs, t-shirts, and other merchandise purchased by FSS. The allocation of proceeds from the sale of products after credit card processing charges varies depending upon which of the above categories the product falls under, PQPR receives a fee for of ten percent of the net proceeds (the proceeds from the sale of the products less processing charges, as a royalty for introducing the supplement and vitamin market to FSS. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Today, Facebook, Twitter, YouTube, Spotify, PayPal, and Apple have banned Infowars and Jones. Since being deplatformed by most main stream commercial entities in 2018, FSS has had to operate in a harsh and unfriendly commercial environment. Since 2018 FSS has had difficulty finding third parties willing and able to fulfill product sales. In the past, both FSS and PQPR attempted to provide fulfillment services for product sales. Recently, FSS employed a fulfillment company to take over this function. All former FSS employees responsible for fulfillment have been hired by this company. The fulfillment company charges FSS a flat fee per order regardless of size. Historically, fulfillment has cost an average of 10% of sales, without considering payroll, the new agreement is estimated to cost 16% of sales. PQPR ordered and paid for Supplements which it marked up and then sold to FSS. As a result of FSS's inability to pay PQPR in full for the PQPR merchandise over several years, FSS became indebted to PQPR in a significant amount by 2020. The parties memorialized the indebtedness between the parties in 2020. The indebtedness to PQPR had accrued over a period of years from the sale of PQPR products through the Debtor's internet platform, generated by the Debtor and Alex Jones' sponsorship of those products. The PQPR Note balance represents the unpaid share of the proceeds from product sales by PQPR to FSS over a four-year period for which the Debtor did not fully remit the proceeds to PQPR. On August 13, 2020, the Debtor executed a Promissory Note in favor of PQPR in the original principal amount of $29,588,000. A security agreement of the same date granted PQPR a security interest in all of the Debtor's personal property assets, including but not limited to the Debtor's tangible and intangible property, accounts, and proceeds derived from those assets. PQPR filed a UCC-1 financing statement with the Texas Secretary of State that on November 18, 2020. The PQPR Security Agreement secures the obligations under the PQPR Note and any future advances owing by the Debtor to PQPR. Specifically, "Obligations" is defined in the PQPR Security Agreement to include "any and all other obligations of Debtor to [PQPR] of any kind or character, now owed or hereafter arising." Subsequent to the date of the PQPR Note, the Debtor accrued additional indebtedness to PQPR representing a portion of PQPR's share of the proceeds from product sales from the date of the PQPR Note through November 10, 2021, for which the Debtor did not fully remit the required proceeds to PQPR. The Debtor executed a second promissory note in the amount of $25,300,000. The Second PQPR Note is also secured by the PQPR Security Agreement. As of the Petition Date, $53,655,082 of principal and $11,794 of interest are due and owing under the PQPR Notes. The Debtor is in possession of certain funds which are not proceeds of PQPR's collateral. Accordingly, the Debtor does not concede that those funds constitute PQPR's cash collateral. Nevertheless, net proceeds received by the Debtor from online merchandise sales including PQPR products are PQPR's cash collateral. As adequate protection, the Debtor proposes to provide replacement liens solely to the extent of any validly perfected, unavoidable security interest as of the Petition Date, and a priority administrative claim to the extent of the diminution of value of each lender's collateral, if any, and failure of other forms of adequate protection provided by the Debtor. A copy of the motion is available at https://bit.ly/3JivhJF from PacerMonitor.com. About Free Speech Systems, LLC Free Speech Systems, LLC is engaged in the business of producing and syndicating Alex Jones' radio and video talk shows and selling products targeted to Jones’ loyal fan base via the Internet. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-60043) on July 29, 2022. In the petition signed by W. Marc Schwartz, chief restructuring officer, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. The Law Offices of Ray Battaglia, PLLC represents the Debtor as counsel. GCIU LOCAL 119B PLAN: To Receive Special Financial Assistance ------------------------------------------------------------- The Pension Benefit Guaranty Corporation has approved the application submitted to the Special Financial Assistance Program by the Pension Plan of the Printers League - Graphic Communications International Union Local 119B (GCIU Local 119B Plan). The plan, based in East Farmingdale, New York, covers 1,213 participants in the printing industry. The GCIU Local 119B Plan became insolvent in August 2021. At that time, PBGC started providing financial assistance to the plan. As required by law, the GCIU Local 119B Plan reduced participants' benefits to the PBGC guarantee levels, which was roughly 31% below the benefits payable under the terms of the plan. PBGC's approval of the SFA application enables the plan to restore benefit reductions caused by the plan's insolvency and to make payments to retirees to cover prior benefit reductions. SFA will enable the plan to pay retirement benefits without reduction for many years into the future. The plan will receive $85.2 million in SFA, including interest to the expected date of payment to the plan. "These 1,213 printers went to work with the promise of a pension when they retired. Today, the Biden-Harris Administration has fulfilled that promise," said U.S. Secretary of Labor Marty Walsh, chair of the Pension Benefit Guaranty Corporation Board of Directors. "Under President Biden's American Rescue Plan, the Pension Plan of the Printers League -- Graphic Communications International Union Local 119B received Special Financial Assistance to deliver the pensions that these workers have earned." This application was submitted and approved under PBGC's interim final rule. PBGC's final rule, published last month, becomes effective on August 8. About the Special Financial Assistance Program The SFA Program was enacted as part of the American Rescue Plan Act of 2021. The program provides funding to severely underfunded multiemployer pension plans and will ensure that millions of America's workers, retirees, and their families receive the pension benefits they earned through many years of hard work. The SFA Program requires plans to demonstrate eligibility for SFA and to calculate the amount of assistance pursuant to ARP and PBGC's regulations. SFA and earnings thereon must be segregated from other plan assets and may be used only to pay plan benefits and administrative expenses. Plans are not obligated to repay SFA to PBGC. Plans receiving SFA are also subject to certain terms, conditions and reporting requirements, including for an annual statement documenting compliance with the terms and conditions. PBGC is authorized to conduct periodic audits of multiemployer plans that receive SFA. The SFA Program is currently operating under an Interim Final Rule which was published in the Federal Register on July 12, 2021. Last month on July 8, 2022, PBGC published a Final Rule, which will become effective on August 8, 2022. As of July 29, 2022, PBGC has approved over $7.4 billion to plans that cover over 149,000 workers and retirees. About PBGC PBGC protects the retirement security of over 33 million American workers, retirees, and beneficiaries in both single-employer and multiemployer private sector pension plans. The agency's two insurance programs are legally separate and operationally and financially independent. PBGC is directly responsible for the benefits of more than 1.5 million participants and beneficiaries in failed pension plans. The Single-Employer Insurance Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multiemployer Insurance Program is financed by insurance premiums. Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer money. GENERAL MOTORS: Bill Passed to Restore Delphi Retirees Pensions --------------------------------------------------------------- WHIO reports thousands of people in the Miami Valley may finally get the pension benefits they earned after a 13-year battle, as Congress is voting on a bill to restore the pensions of non-union Delphi Corporation retirees. "The bottom line to it is the government chose who would win and who would lose in this," Bruce Gump said. Gump, the chairman of the Delphi Salaried Retirement Association (DSRA), said non-union workers lost their pensions when General Motors declared bankruptcy in 2008-09. The government bailed the company out in 40 days, but agreed only to fund one group's pensions. "The government pushed us to the side and did nothing for us," Gump told News Center 7's Mike Campbell. "They turned around and took care of all the people in the unions, who were also in dire straits." The Susan Muffley Act, which was first introduced in March 2022, would restore the full vested monthly benefits the non-union Delphi Corporation retirees. It was passed by the House Wednesday and moves to the Senate. Gump said salaried retirees have nothing against their friends and neighbors in the union who received their pensions. Similarly, large unions have supported DSRA's struggle to get pensions restored for the 21,000 people who retired, then realized they had no health insurance, no life insurance and, basically, no pension, which they'd made retirement plans based on. "The bill can't bring back houses lost due to foreclosure, can't help families that split under financial stress back together," he said. Retirees, including 2,000 in the Dayton area, have spent 13 years fighting this battle. Gump said the voice in Congress that’s spoken the loudest for them is Dayton Congressman Mike Turner, describing him as being a "lion" for their cause. Restoring retirees pensions could help the economy, especially in Ohio and Michigan, according to Gump. "That money will be spent in restaurants, clothing, home repair and on and on," he said. About General Motors With its global headquarters in Detroit, Michigan, General Motors -- http://www.gm.com/-- is one of the world's largest automakers, traces its roots back to 1908. General Motors Co. was formed to acquire the operations of General Motors Corp. through a sale under 11 U.S.C. Sec. 363 following Old GM's bankruptcy filing. The U.S. government provided financing. The deal was closed July 10, 2009, and Old GM changed its name to Motors Liquidation Co. Old GM -- General Motors Corporation -- filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on June 1, 2009. The Honorable Robert E. Gerber presides over the Chapter 11 cases. The Debtors tapped Weil, Gotshal & Manges LLP, Jenner & Block LLP, and Honigman Miller Schwartz and Cohn LLP as counsel; and Morgan Stanley, Evercore Partners and the Blackstone Group LLP as financial advisor. Garden City Group served as claims and notice agent of the Debtors. The U.S. Trustee appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Unsecured Creditors Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis & Frankel LLP served as bankruptcy counsel to the Creditors Committee. Attorneys at Butzel Long served as counsel on supplier contract matters. FTI Consulting Inc. served as financial advisors to the Creditors Committee. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, represented the Asbestos Committee. Legal Analysis Systems, Inc., served as asbestos valuation analyst. The Bankruptcy Court entered an order confirming the Debtors' Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan was declared effect on March 31, 2011. On Dec. 15, 2011, Motors Liquidation was dissolved. On the Dissolution Date, pursuant to the Plan and the Motors Liquidation Company GUC Trust Agreement, dated March 30, 2011, between the parties thereto, the trust administrator and trustee -- GUC Trust Administrator -- of the Motors Liquidation Company GUC Trust, assumed responsibility for the affairs of and certain claims against MLC and its debtor subsidiaries that were not concluded prior to the Dissolution Date. GENERATOR TECHNOLOGIES: Creditors to Get Proceeds From Liquidation ------------------------------------------------------------------ Generator Technologies, LLC filed with the U.S. Bankruptcy Court for the Southern District of Mississippi a Subchapter V Plan of Liquidation dated July 28, 2022. The Debtor is in the business of selling, and servicing, power generators to the general public, including generators for home and commercial use. The Debtor is a franchised supplier of Generac Power Systems generators, among other generator products it is authorized to sell and service. The lack of liquidity and the Debtor's inability to obtain generators from Generac, or to otherwise resolve its balance it owed to Generac on its credit line, forced the Debtor to reached the only conclusion it could: a liquidation of assets. The Debtor has well over 150 open contracts for the sale of generators and while it continues to seek purchasers to fill those open contracts, it is not optimistic that it will do. The Court has entered two orders recently authorizing the Debtor to sell certain hard assets. The Debtor has sold some assets, and is seeking buyers for its trucks consistent with the Court's order granting that request. The Plan is imminently feasible because it depends on nothing more than the liquidation of assets. This Plan is strictly a plan of liquidation, whereby the Debtor has sought, and will be seeking, Court approval to liquidate all of its assets, turn the assets into cash and pay that cash to creditors and parties-in-interest according to the priorities of the Bankruptcy Code. The Debtor will continue to seek a buyer or buyers for its customer contracts, although it is not optimistic that it will be able to obtain such a buyer for those in bulk and it will continue to work with Generac to try to reach some meaningful solutions for those customers who have not yet received their generators. Class 6 consists of General Unsecured Creditors. General, unsecured creditors will receive the Debtor's projected disposable income over the life of the Plan (3 years). However, the Debtor will not be projecting, nor obtaining, sufficient sums of disposable income once its assets are liquidated in the absence of a purchaser who is ready, willing and able to purchase some, or all, of the existing customer contracts. In any event, whatever income remains after payment of creditors with a higher priority under the Bankruptcy Code than general, unsecured creditors, will receive that income. Class 7 consists of Equity Interest. The equity security interests in the Debtor will be eliminated, but Cheryl and Les Battles will continue in management of the liquidating Chapter 11 Debtor. The Debtor's means of execution of the Plan will be provided from the liquidating of assets. This income will provide the Debtor the ability to pay creditors with which it can fund the Plan. A full-text copy of the Subchapter V Plan of Liquidation dated July 28, 2022, is available at https://bit.ly/3bgK9f8 from PacerMonitor.com at no charge. Debtor's Counsel: Craig M. Geno, Esq. Law Offices of Craig M. Geno, PLLC 587 Highland Colony Parkway Ridgeland, MS 39157 Telephone: (601) 427-0048 About Generator Technologies Generator Technologies, LLC, a company that offers various services such as generator installations, generator repairs, generator sales based in Madison, Miss., filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 22-00833) on April 29, 2022. In the petition signed by Les Battles, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jamie A. Wilson oversees the case. The Law Offices of Craig M. Geno, PLLC serves as the Debtor's counsel. GIRARDI & KEESE: Erika Appeals Order To Turn Over Diamond Earrings ------------------------------------------------------------------ Bernie Zilio of Page Six reports that Erika Jane, the "Real Housewives of Beverly Hills" star, filed an appeal in Los Angeles after a judge ordered her to turn over a pair of expensive diamond earrings gifted to her by her estranged husband, disgraced attorney Tom Girardi. Ms. Jayne, 51, also elected to have her appeal heard by the United States District Court rather than the Bankruptcy Appellate Panel, per court documents obtained by Page Six. In his June 28, 2022 ruling, Judge Barry Russell determined that Jayne's earrings were purchased with "settlement funds from the trust account created for a class-action handled by Thomas' firm Girardi Keese." And while Russell said he did not believe the Bravolebrity was aware that the jewels were bought with misappropriated money, he still ordered her to hand them over to the trustee presiding over the Chapter 7 bankruptcy case involving the now-defunct Girardi Keese. Mr. Girardi, 83, bought the earrings in March 2007 for $750,000, allegedly using money from a client trust account. They are reportedly now worth $1.4 million. "Once again, Erika is facing consequences for past actions taken by Tom Girardi and Girardi Keese. Erika did nothing wrong," Jayne's lawyer, Evan Borges, told Us Weekly last June 2022. "Legally, the judge's decision raises an important issue of whether the law allows revisiting transactions of 15 years ago to take away a gift received by an innocent spouse," Borges added. "But that's for a higher court to decide." After Girardi Keese was forced into bankruptcy, the court-appointed trustee sued Jayne for $25 million over the money Girardi allegedly stole from the firm and funneled into her company, EJ Global. The reality star maintains she had no knowledge of her estranged husband's alleged crimes and denies any wrongdoing. Jayne, who filed for divorce in November 2020, is also facing a $50 million racketeering lawsuit and a $2.1 million "aiding and abetting" suit. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It was known for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys: Andrew Goodman Goodman Law Offices, Apc Tel: 818-802-5044 E-mail: agoodman@andyglaw.com Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7 trustee can be reached at: Elissa D. Miller 333 South Grand Ave., Suite 3400 Los Angeles, California 90071-1406 Telephone: (213) 626-2311 Facsimile: (213) 629-4520 E-mail: emiller@sulmeyerlaw.com An involuntary Chapter 7 petition was also filed against Thomas Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020. The Chapter 7 trustee can be reached at: Jason M. Rund Email: trustee@srlawyers.com 840 Apollo Street, Suite 351 El Segundo, CA 90245 Telephone: (310) 640-1200 GOLD STANDARD: $1.5MM DIP Loan from 37 Baking Has Final OK ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware authorized Gold Standard Baking, LLC and affiliates to, among other things, use cash collateral and obtain postpetition financing on a final basis. The Debtors have obtained a commitment for $1.5 million in senior secured term loan credit from 37 Baking Holdings, LLC. The DIP Facility will be composed of a senior secured term loan credit facility, as set forth in the DIP Term Sheet. GSB as borrower, Gold Standard Holdings, Inc. and Gold Standard Real Estate, LLC as guarantors, certain financial institutions identified in the Credit Agreement, and BNP Paribas as Administrative Agent executed the Credit Agreement dated as of April 24, 2015. GSB's obligations under the Credit Agreement were secured by valid, first priority, fully perfected liens in substantially all of the Debtors' assets. 37 Baking Holdings acquired all of the rights of the Initial Lenders and of BNP under the Prepetition Credit Documents, and 37 Baking Holdings replaced the Initial Lender and BNP thereunder. As of the Petition Date, the Debtors' capital structure consists of outstanding funded-debt obligations in the aggregate principal amount of approximately $140 million: * approximately $88.0 million of which is outstanding to 37 Baking Holdings as Prepetition Secured Party under the Prepetition Credit Documents; * approximately $16.3 million of which is outstanding under the Second Lien Loan Agreement with Parallel49 Equity (Fund V), Limited Partnership; * $35.4 million of which is outstanding under certain unsecured subordinated note; and * unsecured trade debt of approximately $6.9 million. The Debtors' prepetition first lien obligations to 37 Baking Holdings as Prepetition Secured Party are secured by liens on substantially all of the Debtors' assets and proceeds thereof. The Debtors' businesses need to obtain the DIP Facility and use cash collateral in order to have adequate liquidity to provide for, among other things, the orderly continuation of the operation of their businesses, to maintain business relationships with vendors, suppliers and customers, to make payroll, and to satisfy other working capital, operational, financial and general corporate needs, as well as to pursue the orderly sale of their assets through these Chapter 11 Cases. As adequate protection, the Prepetition Secured Party is granted continuing and enforceable liens in accordance with Section 552(b) of the Bankruptcy Code on the Prepetition Collateral (including, without limitation, proceeds of Prepetition Collateral as exist or arise after the Petition Date) and as adequate protection, replacement liens on the Prepetition Collateral, the DIP Collateral, and any and all assets of the Debtors as exist on or after the Petition Date. The Adequate Protection Liens will be junior only to: (i) the Prepetition Permitted Liens, (ii) the DIP Facility Liens, and (iii) the Carve-Out, and senior to any other liens. The Adequate Protection Liens are valid, binding, enforceable and fully perfected as of the Petition Date without the necessity of the execution, filing or recording by the Debtors, the Prepetition Secured Party of security agreements, pledge agreements, financing statements or other agreements. The Prepetition Secured Party is granted in each of the Debtors' Chapter 11 Cases an allowed administrative claim under section 507(b) of the Bankruptcy Code in an amount equal to the diminution in the value of the Prepetition Secured Party's interests in the Prepetition Collateral from and after the Petition Date, and such Adequate Protection Claim will be junior in priority and subordinate only to: (i) the DIP Superpriority Claims, (ii) the Carve-Out, and (iii) the Prepetition Permitted Liens. The Carve-Out means: (i) unpaid fees of the Clerk of the Bankruptcy Court and the U.S. Trustee pursuant to 28 U.S.C. section 1930(a); (ii) allowed reasonable fees and expenses of attorneys, financial advisors, and other professionals employed by the Debtors in the Chapter 11 Cases pursuant to a Court order under section 327 and 328 of the Bankruptcy Code, to the extent incurred at any time on or prior to the calendar day on which a Termination Date occurs less any retainers held by such Professional as of such date), whether such Professional Fees have been allowed by the Bankruptcy Court before or after the Termination Date; and (iii) Professional Fees of Professionals incurred subsequent to the calendar day immediately following the Termination Date in an aggregate amount not to exceed $50,000. A copy of the order is available at https://bit.ly/3Qa9iH7 from PacerMonitor.com. About Gold Standard Baking, LLC Gold Standard Baking, LLC and affiliates are industrial bakers specializing in croissants and a variety of other laminated dough-based sweet goods. GSB's bakery is located in Chicago, Illinois. Until recently, GSB ran a second bakery in Pleasant Prairie, Wisconsin. Gold Standard Baking sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10559) on June 22, 2022. The petition was signed by John T. Young, Jr., as chief restructuring officer. Affiliates Gold Standard Holdings, Inc. and Gold Standard Real Estate, LLC also filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. Gold Standard Baking is the lead case. Gold Standard Baking, LLC disclosed $74.7 million in total assets and $130.5 million in total liabilities. Judge Kate Stickles oversees the case. The Debtors tapped Klehr Harrison Harvey Branzburg LLP as general bankruptcy counsel, Houlihan Lokey Capital, Inc. as investment banker, Riveron Consulting, LLC as financial and restructuring advisor, and Omi Agent Solutions as notice, claims and balloting agent. GOLD STANDARD: Cancels Auction, Accepts $20M Credit Bid ------------------------------------------------------- Gold Standard Baking LLC received no other qualified offers for its assets, making a $20 million stalking horse credit bidder the top contender to purchase its assets. Accordingly, the Debtor has cancelled a proposed auction, according to a notice filed in a Delaware bankruptcy court Tuesday, July 26, 2022. The stalking horse credit bidder is 37 Baking Holdings, which comprises Gold Standard employees, including the current CEO, and a consortium of investment firms, according to court records. 37 Baking will purchase the assets for an aggregate purchase price consisting of: (i) a credit bid of a portion of the Debtors' first lien obligations in the amount of $20 million; (ii) assumption of certain assumed liabilities (including the DIP financing obligations); and (iii) the assumption and assignment of certain contracts. 37 Baking has provided $1.5 million in debtor-in-possession financing, $500,000 of which the company was able to access when interim approval of the motion was granted. 37 Baking is purchasing the Debtor's Chicago facilities and other remaining assets. The Debtors sold their Wisconsin facility to Arbor Investments Management, LLC, in December 2021. A sale hearing is scheduled to be held on August 3, 2022 at 10:30 a.m., prevailing Eastern time. About Gold Standard Baking Gold Standard Baking, LLC, Gold Standard Holdings, Inc., and Gold Standard Real Estate, LLC are industrial bakers specializing in croissants and a variety of other laminated dough-based sweet goods. The Debtors' bakery is located in Chicago, Ill., and until recently, ran a second bakery in Pleasant Prairie, Wis. Gold Standard Baking and its affiliates (Bankr. D. Del. Lead Case No. 22-10559) sought Chapter 11 protection on June 22, 2022. In their petitions, the Debtors estimated assets and debt, on a consolidated basis, in the range of $100 million to $500 million. John T. Young, Jr., chief restructuring officer, signed the petitions. The Debtors tapped Klehr Harrison Harvey Branzburg, LLP as legal counsel; Houlihan Lokey Capital, Inc. as investment banker; and Riveron Consulting, LLC as financial and restructuring advisor. Omni Agent Solutions is the notice, claims and balloting agent. GOOD GUYZ INVESTMENTS: Exclusivity Period Extended to Aug. 28 ------------------------------------------------------------- Good Guyz Investments, LLC obtained an order from the U.S. Bankruptcy Court for the Southern District of Florida extending the periods during which only the company can file a Chapter 11 plan and solicit acceptances to Aug. 28 and Oct. 27, respectively. Good Guyz Investments is in the process of finalizing its plan, however, the company is in settlement discussions that may resolve the need for filing the plan or may impact class treatments, according to its attorney, Richard Robles, Esq., at the Law Offices of Richard R. Robles, P.A. "As such, [Good Guyz Investments] is in the process of finalizing plan treatments for the creditors in this matter in the event the filing of a plan remains necessary," the attorney said in court papers. About Good Guyz Investments Good Guyz Investments, LLC, a company in Sunny Isles Beach, Fla., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-10728) on Jan. 30, 2022, listing up to $1 million in assets and up to $10 million in liabilities. Bryan Goldstein, manager, signed the petition. Judge Laurel M. Isicoff oversees the case. The Law Offices of Richard R. Robles, P.A. serves as the Debtor's legal counsel. GUARDION HEALTH: Gets Extension to Comply With Nasdaq Until Jan. 23 ------------------------------------------------------------------- Guardion Health Sciences, Inc. received a written notice from The Nasdaq Stock Market LLC that the Company is eligible for a second 180 calendar day period, or until Jan. 23, 2023, in order to regain compliance with the $1.00 minimum bid price requirement. Nasdaq's determination to grant the second compliance period was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market, with the exception of the minimum bid price requirement, and the Company's written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. As previously reported in a Current Report on Form 8-K filed on Jan. 27, 2022, by the Company, on Jan. 25, 2022, the Company received written notice from Nasdaq that the Company had not been in compliance with the $1.00 minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for a period of 30 consecutive business days, and in accordance with Nasdaq Listing Rule 5810(c)(3)(A) granted the Company an initial compliance period of 180 calendar days from the date of the notice to regain compliance with the minimum bid price requirement. The initial compliance period expired on July 25, 2022, without the Company having regained compliance with the minimum bid price requirement. About Guardion Health Sciences Headquartered in San Diego, California, Guardion Health Sciences, Inc. -- http://www.guardionhealth.com-- is a specialty health sciences company that develops clinically supported nutrition, medical foods and medical devices, with a focus in the ocular health marketplace. Located in San Diego, California, the Company combines targeted nutrition with innovative, evidence-based diagnostic technology. Guardion Health reported a net loss of $24.75 million for the year ended Dec. 31, 2021, a net loss of $8.57 million for the year ended Dec. 31, 2020, a net loss of $10.88 million for the year ended Dec. 31, 2019, and a net loss of $7.77 million for the year ended Dec. 31, 2018. As of March 31, 2022, the Company had $31.62 million in total assets, $1.83 million in total liabilities, and $29.79 million in total stockholders' equity. HARMONY HOLDING: Wins Final Cash Collateral Access -------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York authorized Harmony Holding Group, LLC to use cash collateral on a final basis for these purposes and in this priority: (a) an adequate protection payment to creditor Carmichael JY L.P. for the month of July in the amount of $4,074; (b) payment of taxes; (c) necessary maintenance and preservation of the property; and (d) payment of reorganization fees. The Court said the Debtor will provide monthly periodic accountings to Carmichael setting forth the cash receipts and disbursements made by the Debtor under the Interim Order. Upon request by Carmichael, the Debtor will provide Carmichael all other reports reasonably required by Carmichael as well as copies of the Debtor's monthly United States Trustee operating reports. In the event the Debtor defaults or violates the Interim Order, Carmichael is entitled to request a hearing within 14 days. The Debtor will permit Carmichael and any of its agents (i) reasonable and free access to the Debtor's records and place of business during normal business hours to verify the existence, condition and location of collateral in which said creditor holds a security interest and (ii) to audit the Debtor's cash receipts and disbursements. The Interim Order is without prejudice to all rights of Carmichael to seek modification or enhancement of the grant of adequate protection and/or to pursue all other rights and remedies available under the Bankruptcy Code. A copy of the order is available at https://bit.ly/3oB4hfd from PacerMonitor.com. About Harmony Holding Group, LLC Harmony Holding Group, LLC is engaged in the business of management of the real property located at 950 Jericho Turnpike, Westbury, New York 11590 containing professional office spaces and has continued in possession of its assets and in operation of its business since the commencement of the Bankruptcy Case. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-70952) on May 2, 2022. In the petition signed by Robert Manners, executor of owner estate, the Debtor disclosed up to $1 million in both assets and liabilities. Judge Louis A. Scarcella oversees the case. Randall K. Malone, Esq., at Manners and Malone, PLLC is the Debtor's counsel. HAVEN CAMPUS: Exclusivity Period Extended to Sept. 3 ---------------------------------------------------- Haven Campus Communities - Starkville, LLC received court approval to remain in control of its bankruptcy until Sept. 3. The ruling by Judge Selene Maddox of the U.S. Bankruptcy Court for the Northern District of Mississippi allows the company to pursue its own plan to emerge from Chapter 11 protection without the threat of a competing plan from creditors. Haven Campus Communities has been negotiating with Origin Bank over the last several months to resolve the bank's secured claim and avoid litigation that would delay the sale of substantially all of the company's assets. The company hopes to soon seek the court's approval to enter into a settlement agreement with Origin Bank and other creditors. "Given the [company's] focus on reaching an amicable resolution with Origin Bank and its substantial and continuing progress in restructuring its financial affairs, it requires, and it believes there is cause under Section 1121 for, additional time to prepare and propose a plan," said the company's attorney, David Bury, Jr., Esq., at McCraney Montagnet Quin & Noble, PLLC. About Haven Campus Communities-Starkville Atlanta, Ga.-based Haven Campus Communities Starkville, LLC operates a student housing complex in Starkville at Mississippi State University known as "Haven 12." Haven Campus sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 21-00844) on May 11, 2021, In the petition signed by Stephen H. Whisenant, authorized party, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Katharine M. Samson oversees the case. Stone & Baxter, LLP and McCraney Montagnet Quin & Noble, PLLC serve as the Debtor's lead bankruptcy counsel and local counsel, respectively. HAWAIIAN HOLDINGS: Incurs $36.8 Million Net Loss in Second Quarter ------------------------------------------------------------------ Hawaiian Holdings Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $36.77 million on $691.87 million of total operating revenue for the three months ended June 30, 2022, compared to a net loss of $6.18 million on $410.78 million of total operating revenue for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported a net loss of $159.58 million on $1.17 billion of total operating revenue compared to a net loss of $66.87 million on $592.99 million of total operating revenue for the same period during the prior year. As of June 30, 2022, the Company had $4.37 billion in total assets, $1.25 billion in total current liabilities, $1.60 billion in long-term debt, $1.14 billion in total other liabilities and deferred credits, and $375.55 million in total shareholders' equity. "Strong demand in our domestic markets has been joined by an encouraging recovery from our international gateways in the second quarter" said Peter Ingram, Hawaiian Airlines president and CEO. "As we move into the summer travel peak every indication suggests a continuation of these positive trends. I am extremely proud of our team who continue to deliver the industry's best reliability and service as we pursue our mission to connect people with aloha." Third Quarter 2022 Outlook The Company expects its capacity for the quarter ending Sept. 30, 2022 to be down approximately 5% to down 8% compared to the third quarter of 2019, mostly driven by the delay of the full restoration of its Japan network. The Company expects its total revenue for the quarter ending Sept. 30, 2022 to sequentially improve from the second quarter and be between down 3.5% to up 0.5% compared to the third quarter of 2019. The Company expects its CASM excluding fuel and non-recurring items for the quarter ending Sept. 30, 2022 to be consistent with the second quarter at up approximately 8% to 12% compared to the third quarter of 2019. The Company's outlook for adjusted EBITDA for the quarter ending Sept. 30, 2022 is $15 million to $75 million. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1172222/000117222222000067/ha-20220630.htm About Hawaiian Holdings Hawaiian Holdings, Inc.'s primary asset is sole ownership of all issued and outstanding shares of common stock of Hawaiian Airlines, Inc. The Company is engaged in the scheduled air transportation of passengers and cargo amongst the Hawaiian Islands (the Neighbor Island routes) and between the Hawaiian Islands and certain cities in the United States (the North America routes together with the Neighbor Island routes, the Domestic routes), and between the Hawaiian Islands and the South Pacific, Australia, New Zealand and Asia (the International routes), collectively referred to as its Scheduled Operations. Hawaiian Holdings reported a net loss of $144.77 million for the year ended Dec. 31, 2021, a net loss of $510.93 million for the year ended Dec. 31, 2020, and net income of $223.98 million for the year ended Dec. 31, 2019. As of March 31, 2022, the Company had $4.49 billion in total assets, $1.21 billion in total current liabilities, $1.67 billion in long-term debt, $1.19 billion in other liabilities and deferred credits, and $422.09 million in total shareholders' equity. HEARTLAND DENTAL: S&P Affirms 'B-' ICR, Outlook Stable ------------------------------------------------------ S&P Global Ratings affirmed its 'B-' issuer credit rating on Heartland Dental LLC, 'B-' issue-level rating on its first-lien debt, and 'CCC' rating on its senior unsecured notes. S&P said, "Our stable outlook reflects our expectation that 2023 adjusted leverage will be below 10x, supported by improved EBITDA through better cost control than 2022 and continued maturation of new offices. It also reflects our expectation that FOCF after maintenance capital expenditure (capex) will break even by 2023. "We affirmed our 'B-' rating because we expect Heartland will maintain long-term leverage below 10x with at least break-even cash flow generation. "This is despite our projections that 2022 financial leverage will remain somewhat elevated and cash flow generation weak. Given the unfavorable macroeconomic environment, highlighted by inflationary pressures and recession fears, we expect EBITDA margins to decline about 150 basis points (bps) in 2022, due mainly to higher labor costs, such as for hygienists. Thus, we expect the company's adjusted leverage to be about 10.5x in 2022, similar to 2021, improving to about 9.5x in 2023 as Heartland implements further costs controls. At the same time, we expect FOCF deficit (after maintenance capex, before de novo spending) of about $20 million-$30 million in 2022, improving to break-even in 2023. "Our 'B-' rating also reflects that the company's meaningful scale can somewhat mitigate inflationary cost pressure." Heartland has expanded the past few years mainly through new affiliations and opening de novo offices, with over $2 billion of revenues reported in 2021. This provides some economies of scale and negotiating power with suppliers and payers, gradually improving EBITDA margin from 2018-2021. S&P expects the EBITDA decline in 2022 to be partially offset by some price increases related to inflation adjustment and Heartland's ability to push back on some supply cost increases. S&P expects Heartland to have adequate liquidity in the next 12 months. It has a high cash balance of over $200 million as of March 31, 2022, and upsized its revolver to $280 million from $135 million in July. S&P expects the company's fixed charges to include about $170 million of interest expenses, $25 million of debt amortization, and $55 million of maintenance capex, which can be covered by its EBITDA and revolver availability. S&P's stable outlook reflects its expectation that 2023 adjusted leverage will be below 10x, supported by improvement in EBITDA through better cost control and continued maturation of new offices. It also reflects our expectation that FOCF (after maintenance capex) will break even by 2023. S&P could lower its rating on Heartland in the next 12 months if it comes to view its capital structure as unsustainable over the long term. This could occur if S&P expects: -- Adjusted debt to EBITDA to remain above 10x for an extended period; or -- The company cannot generate enough FOCF (excluding de novo investments) in the longer run to cover its scheduled debt amortization. Although unlikely, S&P could raise its rating on Heartland in the next 12 months if it materially improves its competitive position. This could occur if: -- S&P comes to believe it will sustain better-than-expected adjusted EBITDA margins in the mid- to high-teens percent range; -- S&P expects it to sustain adjusted debt to EBITDA of less than 8x; and -- The company consistently generates sufficient FOCF to cover most of its de novo investments. HOME PRODUCTS: Seeks Approval to Hire Foley & Lardner as Counsel ---------------------------------------------------------------- Home Products International, Inc. and Home Products International-North America, Inc. seek approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Foley & Lardner, LLP as their legal counsel. The firm's services include: a. giving advice to the Debtors with respect to their powers and duties in the continued operation of their business, including the negotiation and finalization of any financing agreements; b. assisting in the identification of assets and liabilities of the estate; c. assisting the Debtors in formulating a plan of reorganization or liquidation and taking necessary legal steps in order to confirm such plan, including the preparation and filing of a disclosure statement relating thereto; d. preparing and filing legal documents; e. appearing in court; f. analyzing claims and competing property interests, and negotiating with creditors and parties-in-interest; g. advising the Debtors in connection with any potential sale of assets and preparing and filing necessary motions and other documents to effectuate the same on behalf of the Debtors; h. advising the Debtors with respect to regulatory matters; and i. performing all other legal services for the Debtors that may be necessary in their Chapter 11 proceedings. The hourly rates charged by Foley & Lardner professionals range as follows: Partners $620 - $1,465 Of Counsel $525 - $1,395 Senior Counsel $580 - $950 Associates $380 - $625 Paraprofessionals $165 - $395 The primary Foley & Lardner professionals expected to provide the services are: Standard Rate Discounted Rate Edward J. Green $1,295 $795 Alissa M. Nann $895 $795 Tamar N. Dolcourt $850 $625 Janelle C. Harrison $275 $260 The Debtors paid the firm $331,619 as retainers. As disclosed in court filings, Foley & Lardner is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Edward J. Green, Esq. Foley & Lardner, LLP 321 N. Clark Street, Suite 3000 Chicago, IL 60654 Tel: (312) 832-4500 Fax: (312) 832-4700 Email: egreen@foley.com About Home Products International Home Products International, Inc. -- https://www.homeproductsinternational.com/ -- is an American manufacturer of storage, home organization and laundry care products. Home Products International, Inc., and affiliate Home Products International North America, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Lead Case No. 22-06276) on June 2, 2022. In the petition filed by James Auker, as chief financial officer, HPI estimated assets between $10 million and $50 million and liabilities between $50,000 and $100 million. Judge Janet S. Baer oversees the cases. Edward Green, Esq., at Foley & Lardner LLP, is the Debtors' counsel. HOME REALTY: Trustee Gets OK to Hire Real Estate Attorney --------------------------------------------------------- Bettye Bedwell, Chapter 11 liquidating trustee for Home Realty Company of Memphis, Inc., received approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Alice Gallaher, Esq., a practicing attorney in Tennessee, to assist her in preparing and filing Trust Deed Releases and other legal documents. Ms. Gallaher will charge $200 per hour for her services. In court papers, Ms. Gallaher disclosed that she does not represent interest adverse to the Debtor, trustee or other concerned parties in the Debtor's Chapter 11 case. Ms. Gallaher can be reached at: Alice L. Gallaher, Esq. 8120 US Hwy 51 N, Suite 1 Millington, TN 38053 Phone: (901) 872-7631 About Home Realty Company of Memphis Home Realty Company of Memphis, Inc. filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tenn. Case No. 13-31959) on Nov. 4, 2013, listing under $1 million in both assets and liabilities. Judge M. Ruthie Hagan oversees the case. Russell W. Savory, Esq., at Gotten, Wilson, Savory and Beard, PLLC served as the Debtor's legal counsel. L. Allen Exelbierd, CPA was provisionally appointed as liquidating trustee in the Debtor's Chapter 11 case. Bettye S. Bedwell was later appointed to serve as the successor trustee on June 14, 2018. HOVNANIAN ENTERPRISES: S&P Upgrades ICR to 'B-', Outlook Stable --------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on New Jersey-based homebuilder Hovnanian Enterprises Inc. to 'B-' from 'CCC+'. At the same time, S&P revised the recovery ratings on the company's senior secured 1.25 lien notes and senior secured 1.125 lien notes to '1' from '6' and '2', respectively, to reflect improved recovery prospects. As a result, S&P also raised its issue-level ratings on its senior secured 1.25 lien notes and senior secured 1.125 lien notes to 'B+' from 'CCC-' and 'B-', respectively. Finally, S&P upgraded its 5% and 13.5% unsecured notes, and its 5% unsecured term loan, to 'CCC' from 'CCC-'. S&P said, "The stable outlook reflects our expectation that the company's debt to EBITDA will improve to about 3x through fiscal year 2023, its EBITDA interest coverage will rise to nearly 4x, and it will fund its operations with internal cash flows. "The strong ongoing increase in Hovnanian's profits has improved its credit profile. We think the company's EBITDA will reach about $480 million in fiscal year 2022, more than 25% higher than in 2021, due mainly to a more than 350 basis point (bps) jump in its EBITDA margins. With the aid of the steady reduction in its borrowings, Hovnanian's debt to EBITDA, estimated at about 3x for fiscal 2022, payback, and interest coverage ratios are also improving. The company's continuing shift to an asset-light model will limit its key land-based risks. While also bolstering its operating cash flows, Hovnanian continues to steadily lift the option portion of its total lot position. Over these past five years (2016-2021), the company has increased its count of total future homesites by close to 20% even as overall inventories have declined modestly. Hovnanian's inventory turns now approach 2x, which is the second-highest among rated builders (after NVR Inc.) and nearly double that of most of its peers. With the entire industry facing slower construction times, the company's proven ability to build and deliver homes will likely rise in importance as a risk reduction measure. Hovnanian's cash flows stemming from these basically replacement inventory (spending) levels have contributed to about a $300 million overall decline in its borrowings since 2016. S&P thinks the company will also finish the year with nearly 25% fewer owned lots than in 2016, further limiting the potential for large impairments and losses on these long-lived assets. The company is using its increasing profits and cash to trim its still elevated debt levels. S&P expects Hovnanian to repay another $100 million of its borrowings after repaying the same amount in the second quarter of 2022. As these obligations have among the earliest maturity dates (of 2026), repaying these notes will further chip away at the builder's largely securitized capital structure. Meanwhile, Hovnanian will also likely extend its undrawn revolving credit facility this summer (months ahead of its December due date), which is also secured by its operating assets. S&P said, "Hovnanian remains in a weak position to favorably refinance its borrowings. Despite the ongoing improvement to its credit profile amid a relatively favorable demand environment for homes, we think the company's access to new public borrowing remains limited. The majority of Hovnanian's borrowings are secured, come due in 2025 and 2026, and have an average cost above 8%. In our opinion, refinancing these borrowings to unsecured debt at similar interest rates is highly unlikely amid the current environment. "Issue-level ratings are higher, as well. We now rate the company's senior secured 1.25 lien notes and senior secured 1.125 lien notes 'B+' (from 'CCC-' and 'B-', respectively). These higher priority notes are first to benefit from increased recovery values. In addition, our issue-level ratings on its senior unsecured term loan, its 13.5% senior unsecured notes, and 5% senior unsecured notes all improved by one notch to 'CCC', in line with the one-notch increase in its issuer credit rating. "The stable outlook on Hovnanian reflects our expectation that its debt to EBITDA will improve to about 3x through fiscal year 2023, its EBITDA interest coverage will rise to nearly 4x, and it will fund its operations with internally generated cash flows." S&P could raise its issuer credit rating on Hovnanian to 'B' over the next 12-18 months if: -- It refinances a material portion of its mostly secured capital structure; -- Sustains debt to EBITDA of about 3x; and -- Maintains EBITDA interest coverage of at least 6x. S&P could lower its rating on Hovnanian to 'CCC+' if EBITDA to interest coverage declines to 2x. This could occur, for example, if its profit fell to about $250 million, which represents nearly a 50% decline from our forecast. ESG credit indicators: E-3, S-2, G-3 S&P said, "Environmental factors are a moderately negative consideration in our credit rating analysis of Hovnanian Enterprises. The company is subject to a variety of local, state, and federal statutes, ordinances, rules, and regulations concerning health and environmental protection. Governance factors are also a moderately negative consideration based on the company's poor execution track record, which has led to underinvestment to meet its financial obligations, as well as the sale of smaller assets, in the past. The CEO also maintains voting control." HUMANIGEN INC: Implements Realignment of Pipeline and Resources --------------------------------------------------------------- Humanigen, Inc. announced a strategic realignment of its pipeline and resources to achieve key clinical milestones. The Company plans to accelerate the development of lenzilumab in chronic myelomonocytic leukemia ("CMML"), a rare blood cancer, for which the PREACH-M study is already underway. Humanigen will also advance its plan to study lenzilumab in acute graft versus host disease ("aGvHD") that occurs in patients undergoing bone marrow transplant, which will be the focus of the RATinG study that is expected to enroll its first patient in 3Q22. These studies are majority funded by our clinical partners. As part of this realignment, Humanigen expects to significantly reduce its go-forward, cash-based operating expenses including elimination of ongoing lenzilumab manufacturing, significant reduction in other R&D costs, and some reduction in general and administrative expenses through headcount reduction as well as other initiatives. Key elements of the strategic realignment plan include: * Advancing and expanding the ongoing PREACH-M study of lenzilumab for the treatment of high-risk chronic myelomonocytic leukemia ("CMML") in patients with NRAS, KRAS, and CBL genetic mutations to more rapidly reach the initial clinical assessment of this open-label study once sufficient patients have received three cycles of treatment with lenzilumab in addition to azacitidine. Three patients have been enrolled in the study and followed for multiple cycles, all with encouraging results. - The current standard of care for CMML are hypomethylating agents such azacitidine and decitabine, which historically have a complete response rate of 11%-22% according to the International Working Group Criteria. - Australian clinical partners plan to open additional sites in Australia and may also expand the study to centers in New Zealand. - Humanigen plans to support expansion of the study to U.S. sites and has received approval from the Principal Investigator to share the protocol and provide monitoring to those additional sites. The incidence of CMML in the US, UK, and Australia is about 1,700 patients annually. As a rare disease, lenzilumab may qualify for certain regulatory and commercial advantages that may accelerate development and approval. Humanigen and the Principal Investigator are assessing regulatory pathways that may enable early results to support a regulatory submission and potential approval by the Therapeutic Goods Administration in Australia, which could be expanded through Project Orbis to the United States and the United Kingdom. There have been no new therapeutic agents for patients with high-risk CMML in 30 years5 and independent publications have demonstrated the key role of GM-CSF and RAS pathway mutations in this and other cancers, including juvenile myelomonocytic leukemia, myelodysplastic syndromes, myeloproliferative neoplasms, and acute myeloid leukemia. - A clinical protocol is also being developed for JMML with NRAS, KRAS, PTPN11 and/or NF1 genetic mutations * Continuing to execute the RATinG study for lenzilumab for the early treatment of aGvHD with the goal of reporting a planned interim assessment of the first 20 patients in 2Q23 - The study is being run and funded primarily by the IMPACT partnership; a group of transplant centers located in the UK. - Lenzilumab will be administered to patients that are identified as having markers for high-risk steroid refractory aGvHD, a population known to have four-fold higher mortality than those identified as low-risk using the same biomarkers. * Identifying and supporting further clinical assessment of lenzilumab for prevention of CAR-T therapy related toxicities through an investigator-initiated trial - Phase 1 ZUMA-19 study completed and target dose defined for further study. - Humanigen to provide lenzilumab to investigators free of charge to support investigator-initiated trials. * Seeking potential inclusion of lenzilumab in international, large-scale COVID-19 platform studies through partnerships * Planning to continue the development of ifabotuzumab, an EphA-3 targeted monoclonal antibody currently in phase 1 development, as part of an antibody drug conjugate, for certain solid tumors. * Eliminating long-term debt on the balance sheet by fully retiring the Company's senior secured term loan, reducing interest expense, and enhancing our ability to generate additional liquidity from our intellectual property by freeing it from the loan's collateral requirements "We remain committed to advancing the scientific effort to prove the clinical benefits of neutralizing GM-CSF in life-threatening conditions for patients and have had to take difficult though necessary measures to do so," said Cameron Durrant, Chairman and CEO, Humanigen. "Sharpening our in-house pipeline focus and partnering other resource-intensive programs may enable Humanigen and its clinical partners to rapidly derive important data in these indications. Our CMML, aGvHD programs are already primarily funded by partners and we hope to utilize a similar approach with our other programs, reducing our cash-based R&D expenses. We believe this strategic plan offers an opportunity to return value to our stockholders while providing hope to patients with serious and life-threatening conditions for improved outcomes." About Humanigen, Inc. Based in Brisbane, Calif., Humanigen, Inc. (OTCQB: HGEN), formerly known as KaloBios Pharmaceuticals, Inc. -- http://www.humanigen.com -- is a clinical stage biopharmaceutical company developing its clinical stage immuno-oncology and immunology portfolio of monoclonal antibodies. The Company is focusing its efforts on the development of its lead product candidate, lenzilumab, its proprietary Humaneered anti-human GM-CSF immunotherapy, through a clinical research agreement with Kite Pharmaceuticals, Inc., a Gilead company to study the effect of lenzilumab on the safety of Yescarta, axicabtagene ciloleucel including cytokine release syndrome, which is sometimes also referred to as cytokine storm, and neurotoxicity, with a secondary endpoint of increased efficacy in a multicenter Phase Ib/IIclinical trial in adults with relapsed or refractory large B-cell lymphoma. Humanigen reported a net loss of $236.65 million for the 12 months ended Dec. 31, 2021, a net loss of $89.53 million for the 12 months ended Dec. 31, 2020, and a net loss of $10.29 million for the 12 months ended Dec. 31, 2019. As of March 31, 2022, the Company had $71.33 million in total assets, $96.37 million in total liabilities, and a total stockholders' deficit of $25.05 million. INTERNATIONAL REALTY: Sept. 12 Plan Confirmation Hearing Set ------------------------------------------------------------ On July 26, 2022, Debtor International Realty Partners, LLC filed with the U.S. Bankruptcy Court for the District of Maryland a Disclosure Statement referring to a Plan. On July 28, 2022, Judge Maria Ellena Chavez-Ruark approved the Disclosure Statement and ordered that: * Sept. 2, 2022, is fixed as the last day of filing written acceptances or rejections of the Plan. * Sept. 12, 2022, at 1:00 PM is fixed for the hearing on confirmation of the Plan to take place in Virtual Courtroom. * Sept. 2, 2022 is fixed as the last day for filing and serving written objections to confirmation of the Plan. A copy of the order dated July 28, 2022, is available at https://bit.ly/3bkCU61 from PacerMonitor.com at no charge. Counsel for the Debtor: Steven H. Greenfeld, Esq. 325 Ellington Boulevard Gaithersburg, MD 20878 Tel: (301) 881-8300 About International Realty Partners International Realty Partners, LLC, is in the business of acquiring properties, then renovating, remodeling and reselling them. International Realty Partners filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 22-10754) on Feb. 15, 2022, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Cohen, Baldinger & Greenfeld, LLC. IRON HOLDINGS: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: Iron Holdings, LLC 109 East Pleasant Grove Road Jackson, NJ 08527 Business Description: Iron Holdings is a Single Asset Real Estate as defined in 11 U.S.C. Section 101(51B). The Debtor is the owner of real property located at 109 East Pleasant Road, Jackson, NJ valued at $1 million. Chapter 11 Petition Date: August 1, 2022 Court: United States Bankruptcy Court District of New Jersey Case No.: 22-16063 Debtor's Counsel: Allen I. Gorski, Esq. GORSKI & KNOWLTON PC 311 Whitehorse Ave Suite A Hamilton, NJ 08610 Tel: 609-964-4000 Fax: 609-528-0721 Total Assets: $1,134,559 Total Liabilities: $1,019,715 The petition was signed by Suzanne Flavaney as managing member. The Debtor listed the Internal Revenue Service Bankruptcy Department as its only unsecured creditor holding a claim of $0. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/YNXRUEI/Iron_Holdings_LLC__njbke-22-16063__0001.0.pdf?mcid=tGE4TAMA IRONSIDE LLC: Amends Unsecured Claims Pay Details ------------------------------------------------- Ironside, LLC, et al., submitted a Second Amended Combined Chapter 11 Plan of Liquidation and Disclosure Statement dated July 28, 2022. The Debtors propose the Combined Plan and Disclosure Statement in accord with the Settlement Agreement with Lubchem Inc. The Combined Plan and Disclosure Statement reflects the result of substantial negotiations among the Liquidating Debtors, Lubchem, Inc., Randy Riney, Keith Hightower, First Financial Bank, and estate professionals with a mediation before Judge David Jones. The Combined Plan and Disclosure Statement is a liquidating chapter 11 plan for the Liquidating Debtors. The Combined Plan and Disclosure Statement provides that, upon the Effective Date, significant assets of the estate including the real estate owned by Ironside LLC will be transferred to Lubchem, Inc. Lubchem Settlement The Mediation was arm's length and resulted in a global resolution. Generally, the settlement provides for Lubchem to take over most of the Debtors' assets, including the Ironside Lubricants product formulas, Lubchem shall assume the secured claims, Forshey & Prostok and Prendergraft & Simon agreed to cap their professional fees, Lubchem shall receive an unsecured allowed claim of $9.5 million in Class 4, and Lubchem shall fund the Unsecured Fund to allowed unsecured creditors to be paid out over five years. For purposes of calculation of distribution to Class 4 creditors, Lubchem's claim shall be an allowed Class 4 claim in the amount of $9.5 million. In the interest of clarity, Lubchem, as Disbursing Agent which is funding the Unsecured Fund, shall make appropriate distributions to the remaining unsecured creditors and shall not make any actual cash distributions to itself. Class 2 consists of Administrative (professional and postpetition trade claims). Prendergraft & Simon and Forshey & Prostok have consented to retainer held by Forshey & Prostok with each to have the first $15,000 of any allowed fees paid from the retainer. Any funds owing to Brian Wunder shall be paid by the Disbursing Agent from the Debtors' accounts receivables. Post-petition reimbursable expenses due to Randy Riney. shall be paid by the Disbursing Agent. Class 3 consists of all claims asserted by Dwain Riney, Sandy Riney, Lubchem, Inc. and which could have been asserted by them or their agents, assignees, officers, directors, employees, attorneys or affiliates. As set forth in the Settlement Agreement. Class 4 consists of all Allowed General Unsecured Claims. Except to the extent that a Holder of a General Unsecured Claim, including Lubchem, agrees to a less favorable treatment of its Allowed General Unsecured Claim, in full and final satisfaction, settlement, release, and discharge of and in exchange for each Allowed General Unsecured Claim, Allowed Class 4 Claims will be entitled to receive a Pro Rata share of the Cash to be distributed from the Unsecured Fund, if any, after payment of all senior Claims, including Allowed Administrative Claims (including Allowed Professional Fee Claims), Allowed Priority Tax Claims, and Allowed Other Priority Claims. For purposes of calculation of distribution to Class 4 creditors, Lubchem's claim shall be an allowed Class 4 claim in the amount of $9.5 million. In the interest of clarity, Lubchem, as Disbursing Agent which is funding the Unsecured Fund, shall make appropriate distributions to the remaining unsecured creditors and shall not make any actual cash distributions to itself. Pursuant to this Combined Plan and Disclosure Statement, each Holder of an Allowed General Unsecured (Class 4) Claim will receive in satisfaction of its Claim a pro rata beneficial interest in the Unsecured Fund established by the Settlement Agreement payable by Lubchem over 5 years. The U.S. federal income tax treatment to Holders of Allowed General Unsecured Claims may depend in part on the tax basis a Holder has in its Claim and, in some circumstances, what gave rise to or the nature of the Holder's Claim. Class 5 consists of all Interests in the Liquidating Debtors. The Debtors shall change their names to ILC, LLC and ILLC, LLC, respectively, and not engage in any new business post-confirmation. A full-text copy of the Second Amended Combined Plan and Disclosure Statement dated July 28, 2022, is available at https://bit.ly/3bgnoYW from PacerMonitor.com at no charge. Chief Restructuring Officer: Deirdre Carey Brown, Esq. DEIRDRE CAREY BROWN, pllc FORSHEY & PROSTOK LLP 1990 Post Oak Blvd, Suite 2400 Houston, TX 77056 Telephone: (832) 536.6910 Facsimile: (832) 310.1172 E-mail: dbrown@forsheyprostok.com Counsel for the Debtors: Leonard H. Simon, Esq. PENDERGRAFT & SIMON, LLP 2777 Allen Parkway, Suite 800 Houston, TX 77019 Tel: (713) 528-8555 Fax: (713) 868-1267 E-mail: lsimon@pendergraftsimon.com About Ironside LLC Ironside, LLC -- https://ironsidemfg.com/ -- designs and builds a line of thru-tubing mud motors and other components for the oilfield industry. Its products include bearings, transmissions, components, motors, agitator, and dual flapper valve. Ironside, LLC and its affiliate, Ironside Lubricants, LLC, filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-34222) on Aug. 20, 2020. Randy Riney, managing member, signed the petitions. At the time of the filing, Ironside, LLC disclosed estimated assets of $1 million to $10 million and estimated liabilities of $500,000 to $1 million. Judge Eduardo V. Rodriguez oversees the cases. Pendergraft & Simon, LLP, serves as the Debtors' legal counsel. J. BOWERS: Seeks Cash Collateral Access --------------------------------------- J. Bowers Construction, Inc. and Restoration Services of Akron, Inc. ask the U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division, for authority to use the cash collateral of Peoples Bank and provide adequate protection. The Debtors require the use of cash collateral to pay for all necessary post-petition operating expenses including payroll, taxes, and utilities. Peoples Bank claims a perfected security interest in the cash collateral of the Debtors, including the Debtors' cash on deposit and accounts receivable. The Lender was the Debtors' primary working capital lender prior to the Petition Date and alleges a security interest in all of the Debtors' assets. Because of that prior relationship, the Debtors are unable to obtain financing from other sources and require the use of the Lender's collateral to fund the Debtors' post-petition operations. With the unexpected global pandemic in the spring of 2020, JBC and RestorX began experiencing cash flow issues. While the Paycheck Protection Program helped the Companies struggle through this period, gross sales suffered as a result of contraction in virtually all industries worldwide. In early 2022, the Companies discovered that co-owner Sean Bowers misdirected corporate funds for his own personal use resulting in the Companies' inability to meet its debt obligations. Since that discovery, the Companies have shifted their focus to the marketing of assets and collection of accounts receivables and liquidation of assets to maximize the value of the businesses for the benefit of creditors. As adequate protection, the Debtors propose to grant Peoples Bank a first priority security interest in the Debtors' post-petition assets. A copy of the Debtors' Motion is available at https://bit.ly/3bcsk0Z from PacerMonitor.com. About J. Bowers Construction Inc. J. Bowers Construction, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio. Case No. 22-50878) on July 29, 2022. In the petition filed by Kyle Bowers, authorized representative, the Debtor disclosed up to $10 million in both assets and liabilities. Restoration Services of Akron, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio. Case No. 22-50879) on July 29, 2022. The Hon. Alan M. Koschik serves as bankruptcy judge. Peter G. Tsarnas, Esq., at Gertz & Rosen, Ltd. is the Debtors' counsel. J.C. PENNEY: Pleasanton Store Bldg. Bought By 300 Venture Group --------------------------------------------------------------- George Avalos of The Mercury News reports that the big retail building where bankrupt JCPenney operates an anchor store at Pleasanton's Stoneridge Mall has been bought by an East Bay investment group that may redevelop the site. A group headed up by 300 Venture Group, a Danville-based real estate firm, has bought the JCPenney store building, according to documents filed on Wednesday with the Alameda County Recorder's Office. 300 Venture acquired the building in an all-cash deal, the county records show. The price wasn't disclosed because the property is involved in the ongoing JCPenney bankruptcy proceeding. "In May 2020, JCPenney began a store optimization strategy to better position the company for sustainable, profitable growth," JCPenney said in a post on its website. "We announced several phases of store closures in 2020 and 2021, resulting in the liquidation of 175 JCPenney locations." JCPenney states it still operates several hundred stores. The recently purchased two-story JCPenney building in Pleasanton totals 155,900 square feet and occupies 9.8 acres, according to a post by Newmark, a commercial real estate firm that arranged the purchase. "This is an irreplaceable location," said Kameron Klotz, a principal executive and co-founder with 300 Venture. The purchase includes a large surface parking lot next to the JCPenney store. A redevelopment, potentially wide-ranging, appears to be in the works for the site. "We look forward to working with the community and stakeholders to create an innovative vision and execution for the property," Klotz said. In March 2022, the group bought what it described as an "under-utilized" parcel in downtown Napa where a Kohl’s Department store operates. Similarly, it appears that 300 Venture Group views the JCPenney site in Pleasanton as one that could be upgraded. "We founded 300 Venture earlier this year precisely to take advantage of these creative opportunities, which can add significant value to both the communities and our investors," said Howard Overton, a principal executive and founder of the real estate firm. About J.C. Penney Co. Inc. J.C. Penney Company, Inc. -- http://www.jcpenney.com/-- is an apparel and home retailer, offering merchandise from an extensive portfolio of private, exclusive, and national brands at over 850 stores and online. It sells clothing for women, men, juniors, kids, and babies. On May 15, 2020, J.C. Penney entered into a restructuring support agreement with lenders holding 70% of its first lien debt. The RSA contemplates agreed-upon terms for a pre-arranged financial restructuring plan that is expected to reduce several billion dollars of indebtedness. To implement the plan, J.C. Penney and its affiliates on May 15, 2020, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-20182). At the time of the filing, J.C. Penney disclosed assets of between $1 billion and $10 billion and liabilities of the same range. Judge David R. Jones oversaw the cases. The Debtors tapped Kirkland & Ellis and Jackson Walker, LLP as legal counsel; Katten Muchin Rosenman, LLP as special counsel; Lazard Freres & Co. LLC as investment banker; AlixPartners, LLP as restructuring advisor; and KPMG, LLP as tax consultant. Prime Clerk is the claims agent, maintaining the page http://cases.primeclerk.com/JCPenney The committee of unsecured creditors retained Cole Schotz, P.C., and Cooley, LLP. * * * J.C. Penney in November 2020 won approval to sell substantially all of its retail and operating assets ("OpCo") to a group formed by landlords Brookfield Asset Management, Inc. and Simon Property Group and senior lenders through a combination of cash and new term loan debt. Paul, Weiss, Rifkind, Wharton & Garrison LLP was the legal counsel, and BRG Capital Advisors, LLC, served as financial adviser to Simon and Brookfield. JAGUAR HEALTH: Unit Inks Manufacturing Services Deal With Patheon ----------------------------------------------------------------- Napo Pharmaceuticals, Inc., a wholly-owned subsidiary of Jaguar Health, Inc., entered into a Master Manufacturing Services Agreement, dated and retroactively effective as of June 10, 2022, with Patheon Pharmaceuticals Inc., pursuant to which Patheon will manufacture certain products through Patheon's global network of manufacturing sites through the issuance of site-specific Product Agreements. Under the terms of the Agreement, Napo Pharma is responsible for supplying the active pharmaceutical ingredient for products to Patheon. Patheon is responsible for manufacturing the products, conducting quality control, quality assurance, validation activities, stability testing, packaging and providing related services for the manufacture of the products. The Agreement is structured so that a Product Agreement may be entered into by the parties for the manufacture of a particular product or multiple products at a manufacturing site owned and operated by Patheon, as identified in the relevant Product Agreement. Pursuant to the Agreement, Napo Pharma has agreed to order from Patheon certain binding minimum amounts of products based on an 18 month rolling forecast -- the first three months of each forecast is considered binding; the following nine months will be 80% binding; and the following six months will be non-binding, good-faith estimates to facilitate Patheon's production scheduling. Moreover, if the parties agree that Patheon will supply, and Napo Pharma will purchase, at least a specified minimum purchase of Napo Pharma's requirements for product under a Product Agreement, then the applicable Product Agreement will set forth the required percentage and the time period during which the obligation will apply. Notwithstanding the foregoing, nothing in the Agreement is to be interpreted in any way to imply that the Agreement is an exclusive arrangement, and Napo Pharma expressly reserved its right to order and purchase products from other manufacturer-suppliers. The Agreement has an initial term beginning on June 10, 2022 and ending on Jan. 31, 2027. The Agreement automatically renews after the initial term for successive terms of two years, unless either party gives notice of its intention to terminate the Agreement within at least 18 months prior to the end of the then-current term. Napo Pharma may terminate a Product Agreement immediately if any governmental agency takes any action that prevents Napo Pharma from importing, exporting, purchasing or selling the relevant product. Further, Napo Pharma must give at least six months' advance notice if it intends to no longer order manufacturing services for a product due to discontinuation of such product in the market. Patheon may terminate the Services Agreement or a Product Agreement upon six months' written notice if Napo Pharma assigns the Services Agreement or a Product Agreement to an assignee that, in the opinion of Patheon acting reasonable, is (i) not a credit worthy substitute for Napo Pharma or (ii) a competitor of Patheon. Either party may terminate the Services Agreement or a Product Agreement (a) if the other party has failed to remedy a material breach under the Services Agreement or a Product Agreement within 60 days following receipt of a written notice, and (b) immediately upon written notice to the other party in the event that the other party is declared insolvent or bankrupt, a voluntary petition of bankruptcy is filed in any court by such other party, such other party becomes a party to any dissolution or liquidation, the Agreement is assigned by such other party for the benefit of creditors, or such other party admits in writing its inability generally to pay its debts as they become due in the general course. The Agreement contains certain representations, warranties, limitations of liabilities, confidentiality and indemnity obligations and other provisions customary for an agreement of its type. About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial stage pharmaceuticals company focused on developing novel, sustainably derived gastrointestinal products on a global basis. The Company's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary human gastrointestinal pharmaceuticals for the global marketplace from plants used traditionally in rainforest areas. Its Mytesi (crofelemer) product is approved by the U.S. FDA for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. Jaguar Health reported a net loss and comprehensive loss of $52.60 for the year ended Dec. 31, 2021, a net loss and comprehensive loss of $33.81 million for the year ended Dec. 31, 2020, a net loss and comprehensive loss of $38.54 million for the year ended Dec. 31, 2019, and a net loss of $32.15 million for the year ended Dec. 31, 2018. As of March 31, 2022, the Company had $52.91 million in total assets, $44.80 million in total liabilities, and $8.11 million in total stockholders' equity. Larkspur, California-based RBSM, LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 11, 2022, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. JAKKS PACIFIC: Posts $26.2 Million Net Income in Second Quarter --------------------------------------------------------------- JAKKS Pacific, Inc. reported net income of $26.21 million on $220.42 million of net sales for the three months ended June 30, 2022, compared to a net loss of $15.06 million on $112.35 million of net sales for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported net income of $22.30 million on $341.30 million of net sales compared to a net loss of $39.11 million on $196.20 million of net sales for the same period in 2021. As of June 30, 2022, the Company had $443.64 million in total assets, $361.80 million in total liabilities, $3.77 million in preferred stock accrued dividends, and $78.07 million in total stockholders' equity. The Company's cash and cash equivalents (including restricted cash) totaled $62.3 million as of June 30, 2022 compared to $38.3 million as of June 30, 2021, and $45.3 million as of Dec. 31, 2021. Total debt was $84.9 million, compared to $129.3 million as of June 30, 2021, and $95.5 million as of Dec. 31, 2021. Total debt includes the amount outstanding under the Company's term loan, net of unamortized discounts. Working capital (not including cash) totaled $54.4 million, up from $7.5 million a year ago. Inventory was a meaningful driver of the increase, totaling $123.7 million, of which $36.3 million was in-transit to our distribution centers, compared to $60.6 million in total inventory as of June 30, 2021. Management Commentary "Our past quarter's results are extremely gratifying," said Stephen Berman, CEO of JAKKS Pacific. "The teams collaborated and executed at the highest level – chasing exceptional demand for our product, and relentlessly engaging with our manufacturers, customers and vendors to set everyone up for a great back-part of the year. We're excited to continue to delight our consumers with a tremendous offering across our toy, consumer product and Halloween ranges, both on-shelf and on-line, and in the US and internationally. "During the quarter we continued to see solid consumer demand across most of our major toy businesses, especially with Disney's Encanto and Sega's Sonic the Hedgehog. Our Costume business shipped over $71 million, the highest Q2 shipment level since Disguise joined JAKKS in 2008. Despite the continuation of supply-chain cost pressures, we nonetheless recorded our first profitable second quarter in 10 years. We have also accelerated our importation of product to support the second half of the year and mitigate our traffic at the ports during the peak season. "We're pleased to share that we utilized some of the proceeds of our recent results to make an optional $10 million pay-down against our long-term debt, mitigating some of the impact rising interest rates have on our cash interest expense." A full-text copy of the press release is available for free at: https://www.sec.gov/Archives/edgar/data/0001009829/000118518522000864/ex_400037.htm About Jakks Pacific JAKKS Pacific, Inc. -- www.jakks.com -- is a designer, manufacturer and marketer of toys and consumer products sold throughout the world, with its headquarters in Santa Monica, California. JAKKS Pacific's popular proprietary brands include Fly Wheels, Kitten Catfe, Perfectly Cute, ReDo Skateboard Co, X-Power, Disguise, Moose Mountain, Maui, Kids Only!; a wide range of entertainment-inspired products featuring premier licensed properties; and C'est Moi, a new generation of clean beauty. Jakks Pacific reported a net loss of $5.89 million for the year ended Dec. 31, 2021, a net loss of $14.14 million for the year ended Dec. 31, 2020, a net loss of $55.38 million for the year ended Dec. 31, 2019, compared to a net loss of $42.42 million for the year ended Dec. 31, 2018. As of March 31, 2022, the Company had $315.77 million in total assets, $259.14 million in total liabilities, $3.42 million in preferred stock, and $53.21 million in total stockholders' equity. JGR GROUP: Wins Cash Collateral Access Thru Aug 17 -------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York authorized JGR Group, Inc. to continue using cash collateral in accordance with the budget, with a 10% variance through August 17, 2022. The Debtor is permitted to use cash collateral, but may only make payments set forth in the Amended Budget. The Debtor is not authorized to make additional payments without prior Court approval. The Emergency Interim Order as modified will remain in full force and effect. As previously reported by the Troubled Company Reporter, the U.S. Small Business Administration provided the Debtor with a $2,000,000 loan pursuant to the Amended Loan Authorization and Agreement among the Debtor and the SBA. As of the Petition Date, the Debtor owed the SBA not less than $2,000,000. The final hearing on the matter is scheduled for August 16 at 10 a.m. A copy of the order is available at https://bit.ly/3Jg9JO7 from PacerMonitor.com. About JGR Group, Inc. JGR Group, Inc. is a general contractor focused on residential renovation. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-10710) on June 3, 2022. In the petition signed by Gennadiy Sadykov, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Lisa G. Beckerman oversees the case. Leo Jacobs, Esq., at Jacobs PC is the Debtor's counsel. JUST BELIEVE RECOVERY: Files for Chapter 11 Bankruptcy ------------------------------------------------------ Just Believe Recovery Center of Port Saint Lucie, d/b/a Just Believe Recovery Center, filed for chapter 11 protection in the Southern District of Florida. Just Believe Recovery is a fully licensed, Joint Commission accredited, comprehensive drug and alcohol treatment center located in Port Saint Lucie, Florida. According to court filings, Just Believe Recovery Center of Port Saint Lucie estimates between 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Aug. 29, 2022 at 1:00 PM by TELEPHONE. Proofs of claim are due by Oct. 5, 2022. About Just Believe Recovery Center Just Believe Recovery Center of Port Saint Lucie -- https://justbelieverecoverycenter.com/ -- is a drug & alcohol addiction rehabilitation and detox facility with locations in Florida and Pennsylvania. Just Believe Recovery Center of Port Saint Lucie sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-15739) on July 27, 2022. In the petition filed by Cynthia Bellino, as manager, the Debtor estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Craig I Kelley, of Kelley, Fulton & Kaplan, P.L., is the Debtor's counsel. KNOX CLINIC: Owners Close Pennsylvania Clinics ---------------------------------------------- Elizabeth Worthington of The Register Mail reports that a TV station in Scranton, Pennsylvania, has reported the closure of a hospital in Pennsylvania owned by Priyam Sharma, the wife Sanjay Sharma, whose company owned and closed in January Cottage Hospital in Galesburg. The Pennsylvania Department of Health confirms the Berwick Hospital Center will close within 90 days, according to Newswatch 16. People who work at the hospital's affiliated clinics feared this was coming. That's why they sounded the alarm and reached out to Newswatch 16 to get answers. In July, the hospital owners closed the doors of three nearby clinics. Providers there warned us that the hospital would be next. Nurse practitioners Michelle Hall and Dallas Riley saw the writing on the wall. They started calling patients last week, warning them their clinic in Berwick was likely getting shut down. The owners had filed for bankruptcy protection. "Patients would come in crying, wanting to know what they had to do, where were they going to get their medications? Where were they going to get their records?" Riley recalled. "What do you tell them? You know, to go down the street and maybe wait three to six months to get an appointment? I don't know," Hall said. By July 22, 2022 the offices owned by Berwick Clinic Company in Shickshinny, Bloomsburg, and one in Berwick (751 E 16th St.), had closed. About Knox Clinic Corporation Knox Clinic Corporation filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-40018) on Jan. 3, 2022, listing as much as $1 million in both assets and liabilities. Judge Maria L. Oxholm oversees the case. Robert Bassel, Esq., a practicing attorney in Clinton, Mich., represents the Debtor in its Chapter 11 case. KUMTOR GOLD: Gets Court Approval for Chapter 11 Dismissal --------------------------------------------------------- Vince Sullivan of Law360 reports that bankrupt Kumtor Gold Co. received approval for a voluntary dismissal of its Chapter 11 case Wednesday, July 27, 2022, after a New York judge said a deal with the government of Kyrgyzstan and the company's equity parent was in the best interest of creditors. During a virtual hearing, U.S. Bankruptcy Judge Lisa G. Beckerman said the agreement among Kumtor, its parent Centerra Gold Inc., and the Kyrgyz Republic would end more than a year of disputes about control and ownership of the gold mine Kumtor had previously operated in that country. About Kumtor Gold Inc. Centerra Gold Inc. is a Canadian mining company that owns and operates the Kumtor Gold Mine in the Kyrgyz Republic. Centerra placed subsidiaries, Kumtor Gold Co and Kumtor Operating Co., into Chapter 11 bankruptcy in the U.S. following nationalization of the miner's Kumtor gold mine by the Kyrgyz Republic, a former Soviet republic. Kumtor Gold Company CSJC and Kumtor Operating Company CSJC sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case Nos. 21-11051 to 21-11052) on May 31, 2021. Kumtor Gold was estimated to have $1 billion to $10 billion in assets and $100 million to $500 million in liabilities as of the bankruptcy filing. The Hon. Lisa G. Beckerman is the case judge. Sullivan & Cromwell LLP, led by James L. Bromley, is the Debtor's counsel. Stikeman Elliot LLP is the co-counsel. LITTLE WASHINGTON: Exclusivity Period Extended to Nov. 17 --------------------------------------------------------- Little Washington Fabricators, Inc. obtained a court order extending its exclusive period to file a Chapter 11 plan until Nov. 17 and solicit acceptances from creditors until Jan. 18 next year. The ruling by Judge Patricia Mayer of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania allows the company to pursue a plan to exit bankruptcy without the threat of a rival plan from creditors. The company's attorney, Nicole Nigrelli, Esq., at Ciardi Ciardi & Astin said the company needs more time to review information concerning claims of creditors to determine which creditors with lien rights have already received payments. "This ultimately will reduce the amount due certain creditors and will also eliminate certain creditors," Ms. Nigrelli said in court papers. About Little Washington Fabricators Little Washington Fabricators, Inc., a company in Wagontown, Pa., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 22-10695) on March 22, 2022, listing as much as $10 million in both assets and liabilities. Douglas L. Howe, president, signed the petition. Judge Patricia M. Mayer presides over the case. The Debtor tapped Albert A. Ciardi III, Esq., at Ciardi Ciardi & Astin as bankruptcy counsel; Eastburn and Gray, PC and McNees Wallace & Nurick, LLC as special counsels; and Leid Lorah & Co., P.C. as accountant. LIVEONE INC: Hires Macias Gini & O'Connell as New Auditor --------------------------------------------------------- Effective as of July 25, 2022, LiveOne, Inc. engaged Macias Gini & O'Connell, LLP to serve as the Company's new independent registered public accounting firm effective as of the same date. The decision to engage MGO was also approved by the audit committee of the Company's board of directors. During the two most recent fiscal years ended March 31, 2022 and 2021 and any subsequent interim period through the Effective Date, neither the Company nor anyone on its behalf consulted with MGO regarding: (i) the application of accounting principles to a specified transaction, either completed or proposed; (ii) the type of audit opinion that might be rendered on its financial statements by MGO, and neither a written report or oral advice was provided to the Company by MGO that MGO concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issues; or (iii) any other matter that was the subject of a "disagreement" or "reportable event" (as such terms are described in Items 304(a)(1)(iv) and (v), respectively, of Regulation S-K) between the Company and its former independent registered public accounting firm, BDO USA, LLP. About LiveOne Headquartered in Los Angeles, California, LiveOne, Inc. (NASDAQ: LVO) (formerly known as LiveXLive Media, Inc.) is a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. LiveOne reported a net loss of $43.91 million for the year ended March 31, 2022, compared to a net loss of $41.82 million for the year ended March 31, 2021. As of March 31, 2022, the Company had $76.82 million in total assets, $87.74 million in total liabilities, and a total stockholders' deficit of $10.92 million. Los Angeles, California-based BDO USA, LLP, the Company's former auditor, issued a "going concern" qualification in its report dated June 29, 2022, citing that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. LOUISIANA HIGHWAY: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------- Louisiana Highway St. Gabriel, LLC and its affiliates filed with the U.S. Bankruptcy Court for the Middle District of Louisiana a Disclosure Statement in support of Amended Chapter 11 Plan of Reorganization dated July 28, 2022. The Debtors are Delaware limited liability companies formed on or about August 31, 2005. In, Commercial Warehousing, Inc. ("CWI") purchased 100% of the membership interests in each of the Debtors from Comcar Industries, Inc., a transportation and logistics company. Thus, CWI is currently the sole member of each of the Debtors. On the Petition Date, the Debtors owned real property located in Louisiana, Alabama, Georgia and South Dakota, and were parties to triple net leases pursuant to which they rent the real property as terminals. After Comcar filed for bankruptcy, FIE VIII either commenced or announced its intention to commence foreclosure proceedings against each of the Debtors' Properties. Accordingly, the Debtors had no other choice but to seek chapter 11 protection in order to maximize the value of the estates for all parties in interest. On December 17, 2020, the Debtors filed for relief under chapter 11 of the Bankruptcy Code. The Plan provides for the treatment of Claims and Interests as follows: * The DIP Lender shall have no further Claims against the Debtors in connection with the DIP Loans and the New DIP Loan. * Holders of Administrative Expense Claims, Priority Tax Claims, and professional fee Claims shall be paid in full unless such holder agrees to separate treatment; * The Plan leaves unaltered the legal, equitable and contractual rights to which FIE VIII is entitled. * Allowed General Unsecured Claims will receive payment in full; * Allowed Interests, i.e., its members, will retain their Interests in the Debtors. Class 4 consists of holders of Allowed General Unsecured Claims. The Debtor estimates the aggregate amount of Allowed General Unsecured Claims is $655.03. The only General Unsecured Claim is asserted by the State of Alabama, Department of Revenue against the Bridgeport Debtor for penalties allegedly due on outstanding business privilege taxes. Each Holder of an Allowed Class 4 Unsecured Claim shall receive (a) Cash in an amount equal to the amount of their Allowed Claim or (b) such other treatment as shall cause the holder of any Unsecured Claim to be Unimpaired pursuant to 11 U.S.C. §1124. This Class will receive a distribution of 100% of their allowed claims. Allowed General Unsecured Claims are Unimpaired. Class 5 consists of the membership interests in the Debtors. CWI holds 100% of the membership interests in the Debtors. The holders of Interests in the Debtor shall retain their Interests in the Debtor. Class 5 is Unimpaired. The Cash required to be distributed under the Plan to the holders of Allowed Administrative Claims and Allowed Claims on the Effective Date (or on such later date when such Claims become Allowed Claims) shall be provided by the New DIP Loan and it is a condition to the occurrence of the Effective Date that the New DIP Loan shall be sufficient to pay all Allowed General Unsecured Claims, Priority Tax Claims and Allowed Administrative Claims. The New DIP Loan shall not exceed the sum of $250,000, unless otherwise agreed in writing by CWI in its sole discretion. A full-text copy of the Disclosure Statement dated July 28, 2022, is available at https://bit.ly/3Q1k6Hw from PacerMonitor.com at no charge. Counsel for Debtors: William H. Patrick, III, Esq. Tristan Manthey, Esq. Cherie Dessauer Nobles, Esq. Fishman Haygood, LLP 201 St. Charles Avenue, Suite 4600 New Orleans, LA 70170-4600 Telephone: (504) 556-5525 Mobile: (504) 556-5525 Fax: (504) 586-5250 About Louisiana Highway St. Gabriel Louisiana Highway St. Gabriel, LLC and five affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. La. Lead Case No. 20-10824) on December 17, 2020. At the time of the filing, Louisiana Highway had estimated assets of less than $50,000 and liabilities of between $500,001 and $1 million. Judge Douglas D. Dodd oversees the case. The Debtors tapped William H. Patrick, III, Esq., at Fishman Haygood LLP as counsel and Maestri-Murrell, Inc. as real estate broker. MAGIC DESIGNS: Wins Cash Collateral Access Thru Aug 29 ------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, authorized Magic Designs, Inc. to use cash collateral on an interim basis in accordance with the budget through August 29, 2022. As previously reported by the Troubled Company Reporter, the Debtor requires the use of cash collateral to pay its normal and ordinary operating expenses as they come due in the ordinary course of the Debtor's business. The Debtor has a few judgment creditors that assert an interest in the Debtor's cash, most of which are disputed. The Debtor submitted that the secured creditors will not be harmed in any way by the Debtor's use of cash collateral. Without the proposed use of cash collateral, the Debtor will not have any liquidity to operate its business and will be unable to fund its ordinary course expenditures or pay the expenses necessary to administer the chapter 11 case. As adequate protection, any and all secured creditors with a perfected security interest will be granted a replacement lien to the same extent, validity, and priority, and the same dollar amount as their secured claims as existed on the Petition Date. The further hearing on the matter is scheduled for August 29 at 1 p.m. A copy of the order is available at https://bit.ly/3PMRvpM from PacerMonitor.com. About Magic Designs, Inc. Magic Designs, Inc. is a clothing manufacturer. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-13987) on July 23, 2022. In the petition signed by Xanlhyl Zuleika Nuno Aquiono, president, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Neil W. Bason oversees the case. Tamar Terzian, Esq., at Epps and Coulson, LLP is the Debtor's counsel. MARTIN MIDSTREAM: Posts $6.6 Million Net Income in Second Quarter ----------------------------------------------------------------- Martin Midstream Partners L.P. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing net income of $6.61 million on $266.99 million of total revenues for the three months ended June 30, 2022, compared to a net loss of $6.61 million on $184.29 million of total revenues for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company reported net income of $18.08 million on $546.20 million of total revenues compared to a net loss of $4.10 million on $385.27 million of total revenues for the six months ended June 30, 2021. As of June 30, 2022, the Company had $636.16 million in total assets, $667.02 million in total liabilities, and a total partners' deficit of $30.85 million. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001176334/000117633422000149/mmlp-20220630.htm About Martin Midstream Martin Midstream Partners L.P. is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution and transportation services. Martin Midstream Partners L.P. reported a net loss of $211,000 for the year ended Dec. 31, 2021, a net loss of $6.77 million for the year ended Dec. 31, 2020, and a net loss of $174.95 million for the year ended Dec. 31, 2019. As of March 31, 2022, the Company had $574.11 million in total assets, $612.09 million in total liabilities, and a total partners' deficit of $37.98 million. * * * Moody's Investors Service upgraded Martin Midstream Partners' Corporate Family Rating to Caa1 from Caa3, according to a report by the TCR on Aug. 17, 2020. "The upgrade of MMLP's ratings reflect the extended debt maturity profile and improved liquidity," Jonathan Teitel, a Moody's analyst, said. MARTINEZ QUALITY: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Martinez Quality Painting & Drywall, Inc. 5835 Executive Center Dr., Suite 101L Charlotte, NC 28212 Business Description: The Debtor is a drywall and painting contractor serving the residential commercial customers. Chapter 11 Petition Date: August 1, 2022 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 22-30357 Judge: Hon. Craig J. Whitley Debtor's Counsel: John C. Woodman, Esq. ESSEX RICHARDS, P.A. 1701 South Blvd. Charlotte, NC 28203 Tel: 704-377-4300 Fax: 704-372-1357 Email: jwoodman@essexrichards.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ricardo Martinez as president. The Debtor did not file a list of its 20 largest unsecured creditors together with the petition. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/ORV6J6A/Martinez_Quality_Painting__Drywall__ncwbke-22-30357__0001.0.pdf?mcid=tGE4TAMA MELO AIR: Wins Continued Cash Collateral Access Thru Aug 17 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, authorized Melo Air, Inc. to use cash collateral of Monroe Capital Management Advisors, LLC, on an interim basis retroactive to April 7, 2022, to pay: (a) amounts expressly authorized by the Court; (b) one quarter of the current and necessary expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and (c) additional amounts as may be expressly approved in writing by the Secured Creditor. As adequate protection, the Secured Creditor will have a perfected post-petition lien against cash collateral to the same extent and with the same validity and priority as its prepetition lien, without the need to file or execute any document as may otherwise be required under applicable non-bankruptcy law. The Debtor will maintain insurance coverage for its property in accordance with the obligations under the loan and security documents with the Secured Creditor. A continued hearing on the matter is scheduled for August 17, 2022 at 2:00 p.m. A copy of the order is available at https://bit.ly/3JjEDoI from PacerMonitor.com. About Melo Air, Inc. Melo Air, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01394) on April 7, 2022. In the petition signed by Gustavo M. Melo, president, the Debtor disclosed $100,000 in assets and $500,000 in liabilities. Judge Michael G. Williamson oversee the case. Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's counsel. MGA MANAGEMENT: May Access SecurityPlus' Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Connecticut, Hartford Division, authorized MGA Management, LLC to use the cash collateral of SecurityPlus Federal Credit Union on an interim basis in accordance with the budget through August 31, 2022. The Debtor assert it is essential to its business and operations, and the preservation of the value of its assets, that it obtain an interim order authorizing it to use cash receipts to pay business expenses necessary to avoid irreparable harm to the estate. As of the Petition Date, the Credit Union made loans to the Debtor for which it received security interests. As of November 5, 2019, for valuable consideration received, the Debtor executed in favor of the Credit Union a Promissory Note in the original principal amount of $1,600,000. As of the Petition Date, the Debtor owes at least $1,785,037 on account of the Note. An itemization of the foregoing in set forth in the Credit Union's proof of claim, which Claim the Debtor does not contest at this time. As adequate protection, the Credit Union is granted a continuing post-petition lien and security interest in all of the Debtor's prepetition property as it existed on the Petition Date, of the same type against which the Credit Union held validly perfected liens and security interests as of the Petition Date; and a continuing post-petition lien in all property acquired by the Debtor after the Petition Date of the same type against which the Credit Union held validly perfected liens and security interests as of the Petition Date. The Credit Union's Replacement Liens will maintain the same priority, validity, extent and enforceability as the Credit Union's security interest and/or liens and liens had on the Prepetition Collateral and will be recognized only to the extent of any actual diminution in the value of the Prepetition Collateral resulting from the use of cash collateral pursuant to the Order. A further hearing on the matter is scheduled for August 30, 2022 at 2 p.m. A copy of the order and the Debtor's budget is available at https://bit.ly/3Q1mDl8 from PacerMonitor.com. The Debtor projects $46,386 in rental income and $93,447 in total expenses for August 2022. About MGA Management MGA Management, LLC, is the fee simple owner of a real property located in Hartford, Connecticut, having a current value of $3 million. MGA Management filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 22-20315) on May 9, 2022. In the petition signed by Michael Ancona, member, the Debtor listed $3,041,461 in total assets and $1,452,000 in total liabilities. Judge James J. Tancredi oversees the case. Joseph J. D'Agostino, Jr., Esq., serves as the Debtor's counsel. MULLEN AUTOMOTIVE: All Six Proposals Passed at Annual Meeting ------------------------------------------------------------- Mullen Automotive Inc. held its 2022 Annual Meeting at which the stockholders: (1) elected David Michery, Ignacio Novoa, and Mary Winter as Class I directors to serve for a three-year term ending as of the annual meeting in 2025 or until their respective successors are elected and qualify; (2) approved an amendment to the Company's Second Amended and Restated Certificate of Incorporation to increase the authorized number of shares of Common Stock to 1,750,000,000, the authorized number of shares of Preferred Stock to 500,000,000 and in conjunction therewith, to increase the aggregate number of authorized shares to 2,250,000,000 shares; (3) approved the Company's 2022 Equity Incentive Plan; (4) approved, for purposes of complying with Nasdaq Listing Rule 5635(c), the issuance of shares of Common Stock to the Company's chief executive officer pursuant to a Performance Stock Award Agreement; (5) approved, for purposes of complying with Nasdaq Listing Rule 5635(d), the potential issuance of Series D Preferred Stock and warrants and shares of Common Stock upon conversion of the Series D Preferred Stock and warrants, and any future adjustments of conversion price of the Series D Preferred Stock and exercise price of the Warrants; and (6) ratified the appointment of Daszkal Bolton, LLP as the independent registered public accounting firm of the Company for the fiscal year ending Sept. 30, 2022. About Mullen Mullen Automotive Inc. (fka Net Element Inc.) operates a Southern California-based electric vehicle company that operates in various verticals of businesses focused within the automotive industry. The Company has two electric vehicles under development, one of which the Company expects to begin delivery of in the second quarter of 2024. Mullen has several divisions that operate synergistic businesses, being: CarHub, a digital platform that leverages artificial intelligence to offer an interactive solution for buying, selling and owning a car, and Mullen Energy, a division focused on advancing battery technology and emergency point-of-care solutions. Mullen Automotive reported a net loss of $44.24 million for the year ended Sept. 30, 2021, compared to a net loss of $30.18 million for the year ended Sept. 30, 2020. As of March 31, 2022, the Company had $105.21 million in total assets, $55.65 million in total liabilities, and $49.56 million in total stockholders' equity. Fort Lauderdale, Florida-based Daszk al Bolton LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated Dec. 29, 2021, citing that the Company has sustained net losses, has indebtedness in default, and has liabilities in excess of assets, which raise substantial doubt about its ability to continue as a going concern. NATIONAL CARGO: Unsecured Creditors to Split 24K in 3.5 Years ------------------------------------------------------------- National Cargo, Inc., submitted an Amended Plan of Reorganization for Small Business. This bankruptcy was filed to address the pending litigation and to save the business. The plan proposes to pay $24,000 over 3.5 years to unsecured creditors. The Plan expects that Debtor can make Plan payments, pay administrative expenses and operate the Debtor's business over the next 3.5 years. The final Plan payment is expected to be paid on July 1, 2025. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $2,150. The final Plan payment is expected to be paid on July 1, 2025. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 12.7 cents on the dollar. The Plan also provides for the payment of administrative and priority claims. Class 1 consists of the Secured claim of Great Plains Transport Services, Inc. This Class shall be paid in full in accordance with the terms of the Factoring Agreement dated April 14, 2017. Class 2 consists of Non-priority unsecured creditors and shall be paid $24,000 over 3.5 years. Class 3 consists of Equity security holders of the Debtor. The Debtor shall remain in possession of the estate upon confirmation. The Plan will be funded by the future income of the Debtor. A full-text copy of the Amended Plan of Reorganization dated July 28, 2022, is available at https://bit.ly/3oJ4b51 from PacerMonitor.com at no charge. Attorney for Debtor: Preeti Gupta, Esq. 2680 East Main Street Suite 322 Plainfield, IN 46168 Tel: (317) 900-9737 Fax: (888) 261-6090 Email: nita07@att.net About National Cargo Inc. National Cargo Inc., filed a petition for Chapter 11 protection (Bankr. S.D. Ind. Case No. 21-05256) on Nov. 19, 2021, disclosing under $1 million in both assets and liabilities. Judge Jeffrey J. Graham oversees the case. The Debtor is represented by Preeti Gupta, Esq., a practicing attorney in Plainfield, Ind. NEIMAN MARCUS: Transfers Dallas HQ to Cityplace Tower ----------------------------------------------------- Maria Halkias of The Dallas Morning News reports that Neiman Marcus says it's moving its Dallas corporate headquarters from its downtown store to Cityplace Tower on North Central Expressway, where it will create a flexible, modern workplace. The luxury retailer is using hubs in Dallas, New York and Bangalore to house its corporate staff of about 2,000 people. A move to a more hybrid remote working environment was in the works before the pandemic sent workers home, said Eric Severson, Neiman Marcus Group’s chief people officer. Early 2023, Neiman Marcus will occupy 85,000 square feet on three floors of Cityplace immediately above the 42-story building's InterContinental Hotel. The space is being gutted and totally remodeled. Architects Gensler and Palo Alto-based design firm Ideo are working on the space, Severson said. "We're building a new generation of office space with them. It's no longer about one size fits all and one person in one seat all day," Severson said. Neiman Marcus has leased 7,500 square feet of space at 5 Bryant Park in Manhattan and 17,000 square feet in India. Most of the corporate staff will be housed in Dallas, and the downtown store is remaining open as outlined in an agreement with the Dallas City Council, which approved a $5 million incentive package for the retailer in May 2022. Office space in the downtown Dallas store will continue to be used for some corporate functions such as accounting. The retailer is looking for new space in the Dallas area to house its corporate IT staff, which later this 2022 will move out of a Las Colinas warehouse that the company sold. Neiman Marcus previously had 400,000 square feet of office space, and it no longer needs that much space. It had offices in three buildings downtown and in Irving. The retailer's May 2020 bankruptcy allowed it to vacate leases in Renaissance Tower and 1700 Pacific Avenue. In recent years, it has also cut its workforce after it closed stores during its bankruptcy and shut down its Last Call chain. The company has a total of more than 10,000 employees operating 36 Neiman Marcus stores, two Bergdorf Goodman stores and five clearance centers. A flexible working environment has improved employee retention and the time it takes to hire new people, Severson said. The workspace will be the same for top executives and other corporate staff, he added. "Management is going to use the same space as everyone else," Severson said. "We're breaking from the old school thinking." The changes are also a recognition that "people who have been home for two years don't want to return to be forced back into a cubicle." The goal is to combine the functionality of an office with the community of being at work, he said. About Neiman Marcus Group Neiman Marcus Group LTD, LLC -- https://www.neimanmarcus.com/ -- is a luxury omni-channel retailer conducting store and online operations principally under the Neiman Marcus, Bergdorf Goodman, and Last Call brand names. It also operates the Horchow e-commerce website offering luxury home furnishings and accessories. Since opening in 1907 with just one store in Dallas, Neiman Marcus and its affiliates have strategically grown to 67 stores across the United States. Weeks after being forced to temporarily shutter stores due to the coronavirus pandemic, Neiman Marcus Group and 23 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32519) on May 7, 2020, after reaching an agreement with a significant majority of our creditors to undergo a financial restructuring that will substantially reduce the Company's debt load, and provide access to considerable financing to ensure business continuity. Kirkland & Ellis LLP is serving as legal counsel to the Company, Lazard Ltd. is serving as the Company's investment banker, and Berkeley Research Group is serving as the Company's financial advisor. Stretto is the claims agent, maintaining the page https://cases.stretto.com/NMG Judge David R. Jones oversees the cases. The Extended Term Loan Lenders are represented by Wachtell, Lipton, Rosen & Katz as legal counsel, and Ducera Partners LLC as investment banker. The Noteholders are represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel and Houlihan Lokey as investment banker. NEONODE INC: Postpones Annual Meeting to Sept. 29 ------------------------------------------------- Neonode Inc. had postponed the 2022 Annual Meeting of Stockholders, originally scheduled to be held on July 15, 2022. The 2022 Annual Meeting will now take place on Sept. 29, 2022 at 3:00 p.m. local time at the Company's principal executive office located at Karlavagen 100, 115 26 Stockholm, Sweden. The close of business on Aug. 5, 2022 has been fixed as the record date for determining the stockholders entitled to notice of and to vote at the 2022 Annual Meeting and any adjournment or postponement thereof. The Company will file with the Securities and Exchange Commission an amended definitive proxy statement, which will contain additional information about the 2022 Annual Meeting and will be made available to the Record Date Holders. As a result of the 2022 Annual Meeting being rescheduled, the Company has established the close of business on Aug. 8, 2022 as the new deadline for the receipt of any stockholder proposals or director nominations for the 2022 Annual Meeting. To be eligible for inclusion in the Company's proxy materials, stockholder proposals must comply with the requirements of Rule 14a-8 of the Exchange Act of 1934, as amended, and with the Company's Amended and Restated Bylaws. About Neonode Neonode Inc. (NASDAQ:NEON) -- http://www.neonode.com-- provides advanced optical sensing solutions for contactless touch, touch, gesture control, and in-cabin monitoring. Neonode reported a net loss attributable to the company of $6.45 million for the year ended Dec. 31, 2021, a net loss attributable to the company of $5.61 million for the year ended Dec. 31, 2020, and a net loss attributable to the Company of $5.30 million for the year ended Dec. 31, 2019. NEONODE INC: Reduces Quorum Requirement for Meetings ---------------------------------------------------- The board of directors of Neonode Inc. amended and restated the Bylaws of the Company in order to reduce the quorum needed for an annual or special meeting of stockholders of the Company from the holders of a majority of the outstanding shares of stock of the Company entitled to vote to the holders of one-third of the outstanding shares of stock of the Company entitled to vote. No other changes were made to the Bylaws. About Neonode Neonode Inc. (NASDAQ:NEON) -- http://www.neonode.com-- provides advanced optical sensing solutions for contactless touch, touch, gesture control, and in-cabin monitoring. Neonode reported a net loss attributable to the company of $6.45 million for the year ended Dec. 31, 2021, a net loss attributable to the company of $5.61 million for the year ended Dec. 31, 2020, and a net loss attributable to the Company of $5.30 million for the year ended Dec. 31, 2019. NEXTPLAY TECHNOLOGIES: Has Until Jan. 23 to Regain Compliance ------------------------------------------------------------- NextPlay Technologies, Inc. received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC, notifying the Company that its extension request had been granted, and that the Company has been provided an additional 180 calendar days from July 26, 2022, or until Jan. 23, 2023, to regain compliance with the Minimum Bid Price Requirement. The Company received a notification letter from Stock on Jan. 26, 2022 notifying the Company that, because the closing bid price for the Company's common stock was below $1.00 per share for 30 consecutive trading days, the Company was not in compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Marketplace Rule 5550(a)(2). The Company initially had 180 calendar days from Jan. 26, 2022, or until July 25, 2022, to regain compliance with the Minimum Bid Price Requirement. Neither the Notice nor the Extension Notice had an immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market, and, therefore, the Company's listing remains fully effective. If at any time before Jan. 23, 2023, the closing bid price of the Company's common stock closes at or above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the Minimum Bid Price Requirement, and the matter would be resolved. If the Company does not regain compliance during the compliance period ending on Jan. 23, 2023, then Nasdaq will provide written notification to the Company that the Company's common stock will be subject to delisting. The Company would then be entitled to appeal that determination to a Nasdaq hearings panel. The Company intends to continue actively monitoring the closing bid price for the Company's common stock between now and Jan. 23, 2023, and will consider available options to resolve the deficiency and regain compliance with the Minimum Bid Price Requirement, including, but not limited to, implementing a reverse stock split of the Company's outstanding securities to regain compliance with the Minimum Bid Price Requirement. There can be no assurance that the Company will regain compliance with the Minimum Bid Price Requirement during this additional 180 calendar day compliance period or maintain compliance with the other Nasdaq listing requirements. About NextPlay Technologies NextPlay Technologies, Inc. (formerly known as Monaker Group Inc.) -- nextplaytechnologies.com -- is a technology solutions company offering games, in-game advertising, crypto-banking, connected TV and travel booking services to consumers and corporations within a growing worldwide digital ecosystem. NextPlay's engaging products and services utilize innovative AdTech, Artificial Intelligence and Fintech solutions to leverage the strengths and channels of its existing and acquired technologies. NextPlay reported a net loss of $40.41 million for the year ended Feb. 28, 2022, compared to a net loss of $1.63 million for the period from March 6, 2020 to February 28, 2021. As of May 31, 2022, the Company had $106.49 million in total assets, $43.34 million in total liabilities, and $63.14 million in total stockholders' equity. Sugar Land, Texas-based TPS Thayer, LLC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated June 17, 2022, citing that the Company has suffered recurring losses from operations and has stockholders' deficit that raise substantial doubt about its ability to continue as a going concern. NEXTPLAY TECHNOLOGIES: Stockholders Reject 'Warrants' Amendment --------------------------------------------------------------- NextPlay Technologies, Inc. held a special meeting of its stockholders in a virtual format on July 21, 2022, at which the stockholders voted not to approve an amendment to the exercise price provisions of those warrants issued in connection with a registered direct offering of the Company's securities pursuant to that Stock Purchase Agreement entered into by and among the Company and certain investors on Nov. 1, 2021, and specifically to remove the $1.97 floor price of the Warrants such that the exercise price of the Warrants may be reduced below the Floor Price in the event that the Company issues or enters into any agreement to issue securities for consideration less than the then current exercise price of the warrant. The Company's stockholders voted to authorize the Company's board of directors to adjourn the Special Meeting, in the Board's discretion, to permit the Company's Board to solicit additional proxies in favor of the proposals voted on at the Special Meeting. The Board elected not to adjourn the Special Meeting to a later date to solicit additional proxies in favor of Proposal No. 1 at the Special Meeting. About NextPlay Technologies NextPlay Technologies, Inc. (formerly known as Monaker Group Inc.) -- nextplaytechnologies.com -- is a technology solutions company offering games, in-game advertising, crypto-banking, connected TV and travel booking services to consumers and corporations within a growing worldwide digital ecosystem. NextPlay's engaging products and services utilize innovative AdTech, Artificial Intelligence and Fintech solutions to leverage the strengths and channels of its existing and acquired technologies. NextPlay reported a net loss of $40.41 million for the year ended Feb. 28, 2022, compared to a net loss of $1.63 million for the period from March 6, 2020 to February 28, 2021. As of Feb. 28, 2022, the Company had $99.75 million in total assets, $31.89 million in total liabilities, and $67.86 million in total stockholders' equity. Sugar Land, Texas-based TPS Thayer, LLC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated June 17, 2022, citing that the Company has suffered recurring losses from operations and has stockholders' deficit that raise substantial doubt about its ability to continue as a going concern. NORTHWEST BIOTHERAPEUTICS: Eliminates Series A, B Preferred Shares ------------------------------------------------------------------ Northwest Biotherapeutics, Inc. filed a Certificate of Elimination with the Secretary of State of the State of Delaware with respect to the Company's Series A Preferred Stock and Series B Preferred Stock pursuant to which both series were eliminated and returned to the status of authorized and unissued preferred shares of the Company, as there are no Series A or Series B Preferred shares outstanding. Certificate of Designations of Series C Preferred Stock Also on July 20, 2022, the Company filed the Certificate of Designations for Series C Preferred Stock with the Secretary of State of the State of Delaware, setting forth the terms of the Series C Preferred Stock. The Series C Certificate of Designations, effective as of July 20, 2022, was created out of the authorized and unissued shares of preferred stock of the Company the Series C Preferred Stock, provides for ten million shares, par value $0.001 per share, and establishes the rights, preferences and privileges of the Series C. About Northwest Biotherapeutics Headquartered in Bethesda, MD, Northwest Biotherapeutics, Inc. -- www.nwbio.com -- is a biotechnology company focused on developing personalized immune therapies for cancer. The Company has developed a platform technology, DCVax, which uses activated dendritic cells to mobilize a patient's own immune system to attack their cancer. Northwest reported net income of $179.13 million for the year ended Dec. 31, 2021, compared to a net loss of $529.82 million for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $40.16 million in total assets, $164.15 million in total liabilities, and a total stockholders' deficit of $123.99 million. Tampa, Florida-based Cherry Bekaert LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 1, 2022, citing that the Company has recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. NUTRIBAND INC: 1.2M Shares to be Cancelled From Outstanding Shares ------------------------------------------------------------------ Nutriband Inc. has received a final judgment in favor of the Company, effectively allowing the Company to cancel 1.2M shares held by the defendants in the Court case filed in Orlando, Florida, by the Company. The shares in question equate to approximately 15% of the Company's shares now outstanding. The Company submitted documentation to American Stock Transfer on July 25 to cancel the 1,200,000 shares as per the judgment and the cancellation is expected to be effective within one business day. The Final Judgment permits the company to cancel 4.8M shares of Nutriband common stock which were issued in 2017 to the defendants for an acquisition which has now been rescinded. Following the Company's reverse split in 2018 the shares in question account for 1.2M shares or approximately 15% of the total outstanding shares of the Company. Following the cancellation of the shares pursuant to the Court's ruling, Nutriband's total outstanding shares will be reduced by 1.2 million shares to 6.6M total outstanding shares. About Nutriband Nutriband Inc. -- www.nutriband.com -- is primarily engaged in the development of a portfolio of transdermal pharmaceutical products. Its lead product under development is an abuse deterrent fentanyl patch incorporating its AVERSA abuse deterrence technology. AVERSA technology can be incorporated into any transdermal patch to prevent the abuse, misuse, diversion, and accidental exposure of drugs with abuse potential. Nutriband reported a net loss of $6.18 million for the year ended Jan. 31, 2022, a net loss of $2.93 million for the year ended Jan. 31, 2021, a net loss of $2.72 million for the year ended Jan. 31, 2020, and a net loss of $3.33 million for the year ended Jan. 31, 2019. As of April 30, 2022, the Company had $11.98 million in total assets, $904,375 in total liabilities, and $11.08 million in total stockholders' equity. NUTRIBAND INC: Board Approves 7:6 Forward Common Stock Split ------------------------------------------------------------ Nutriband Inc.'s Board of Directors has approved and declared a 7:6 forward split of its common stock that is expected to be effective at 12:01 a.m. on August 15 and in effect at the opening of trading on Monday Aug. 15, 2022. At the effective time of the forward stock split, every six shares of NTRB common stock will be converted into seven shares of common stock, without any change in the par value per share. As a result of the stock split, holders of pre-split shares of common stock have the right to receive post-split shares of NTRB common stock at the ratio of seven shares of post-split common stock for every six shares of pre-split common stock. "Our core goal is to continue to create value for our shareholders following a string of key milestones for the Company in recent months," said Gareth Sheridan, CEO. About Nutriband Nutriband Inc. -- www.nutriband.com -- is primarily engaged in the development of a portfolio of transdermal pharmaceutical products. Its lead product under development is an abuse deterrent fentanyl patch incorporating its AVERSA abuse deterrence technology. AVERSA technology can be incorporated into any transdermal patch to prevent the abuse, misuse, diversion, and accidental exposure of drugs with abuse potential. Nutriband reported a net loss of $6.18 million for the year ended Jan. 31, 2022, a net loss of $2.93 million for the year ended Jan. 31, 2021, a net loss of $2.72 million for the year ended Jan. 31, 2020, and a net loss of $3.33 million for the year ended Jan. 31, 2019. As of April 30, 2022, the Company had $11.98 million in total assets, $904,375 in total liabilities, and $11.08 million in total stockholders' equity. OMNIQ CORP: Awarded Initial Order for Q Post AI Vision System ------------------------------------------------------------- Omniq Corp. has received an initial order from a Major Retailer with an opportunity to deploy up to 5,000 units in its nation wide locations in North America. This deployment will utilize the Company's Machine Vision solution providing the customer with crucial information about every entering vehicle, enabling improved speeds and more efficient customer service. In addition, the utilization of omniQ's Vehicle Recognition System will allow the customer to recommend products tailored to the vehicles unique specifications helping to drive revenue. Bill Fisher, an omniQ sales executive, noted "This deployment showcases yet another application of how our products take obsolete and time-consuming processes, automates them and in turn becomes a major competitive advantage for retailers in many verticals." Through the automation of data capture, businesses are able to spend less time researching vehicle, client, & product information and more time performing revenue boosting tasks that simultaneously improve the customer experience and interaction. Shai Lustgarten, CEO commented "We continue to put an enormous amount of time and effort into our AI based solutions and targeting the retail market is one of our strategic objectives. This is now the third market we have penetrated with this solution-focused technology and was a logical progression of our vehicle recognition system after its notable success in traffic management and safe cities." This new order follows the recent announcements of projects and purchase orders including the receipt of a $29 million project for supply chain equipment from a Fortune 100 corporation, the award of an $11 million project for the Government of Israel and the award of $4.1 million for supply chain and data collection systems, resulting in an all time backlog of orders and projects. About omniQ Corp. Headquartered in Salt Lake City, Utah, omniQ Corp. (OTCQB: OMQS) -- http://www.omniq.com-- provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real time surveillance and monitoring for supply chain management, homeland security, public safety, traffic and parking management and access control applications. The technology and services provided by the Company help clients move people, assets and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments. Omniq reported a net loss of $13.14 million for the year ended Dec. 31, 2021, a net loss of $11.50 million for the year ended Dec. 31, 2020, and a net loss attributable to the company's common stockholders $5.31 million. As of Dec. 31, 2021, the Company had $75.08 million in total assets, $72.78 million in total liabilities, and $2.30 million in total equity. ORGANICELL REGENERATIVE: Appoints Matt Sinnreich as COO, Acting CEO ------------------------------------------------------------------- Organicell Regenerative Medicine, Inc.'s board of directors has appointed Matt Sinnreich as chief operating officer and acting CEO. Sinnreich will replace Mr. Albert Mitrani, the founder of Organicell and CEO since September 2019, who is stepping down to serve as the Company's EVP of sales. Sinnreich, an early-stage investor in Organicell, helped fund the Company's audit in 2020 to bring their financials current and was instrumental in the creation of their flagship brand, Zofin. Sinnreich comes from a development and entrepreneurial background. His track record includes profitable corporate exits, successful real estate transactions, and owner-operated residential and commercial real estate developments. Sinnreich has closed tens of millions in various financing instruments including everything from traditional real estate debt, fundraising for private companies, to collateralized derivatives and swaps. Sinnreich is an early-stage investor in the ready to drink tequila-seltzer, Mamitas and owns a minority interest in Craig's Vegan Ice Cream. Sinnreich graduated from the University of Miami Business School in 2008 where he also won the 2008 Rothschild Business Plan Competition. In response to his appointment, Sinnreich stated: "I am humbled and grateful that the board and new investment groups have entrusted me to take Organicell to the next level. I believe that exosomes are a key element in the future of medicine and this company has the team to make that a reality. Albert and Mari Mitrani are pioneers in this space. They have assembled an incredible science team, developed an amazing product line, and built top tier production labs. All the ingredients are here for this company to become a major success. "As COO and acting CEO I will be focused on creating additional financing vehicles, growing the awareness of our products and brand, and most importantly maintaining an honest, transparent relationship with the shareholders. "My priorities right now are to work with our CFO, Ian Bothwell, to build out Organicell's core executive team. I will pull from my network to surround myself with the best and brightest in the medical and financial arenas. I plan to create a robust ERP and data management system and to set up additional financing vehicles to fund our clinical trials. "I will also be taking to market Organicell's newest biological product: Patient Pure X (PPX). "PPX is Organicell's first autologous product that is a non-manipulated biologic that concentrates a patient's exosomes from their own peripheral blood. In plain English: we can concentrate a patient's exosomes from their own blood. "Organicell's science team and researchers are currently conducting studies to prove PPX's effectiveness on pain, hair loss, its potential for aesthetic uses, and surgical recovery. "Organicell's products have shown promising results in the early-stage data that has been collected. Once the company has the adequate data from our clinical trials to make the claims we are studying - I believe this company will be a disrupter in the biotech industry." On July 21, 2022, Organicell and Mr. Sinnreich entered into a term sheet setting forth in principle the terms of Mr. Sinnreich's employment agreement with and compensation by the Company. Except with respect to the signing bonus, the Term Sheet is subject to the negotiation and execution of a definitive employment agreement embodying the provisions of the Term Sheet, as well as customary terms and conditions for an executive employment agreement. The parties agreed to use their respective commercial best efforts to negotiate and execute the Employment Agreement within 30 days of the Effective Date. The Term Sheet provides that as an inducement for Mr. Sinnreich to join the Company, within five days of the Effective Date, he will be issued 10,000,000 shares of restricted common stock and ten-year warrants to purchase 40,000,000 shares at a price of $0.034 per share, exercisable on a "cashless" basis. The foregoing shares and warrants vest immediately upon issuance. The Employment Agreement will provide for an initial two-year term commencing on the Effective Date, which will automatically renew for successive one-year terms, unless terminated by either party upon not less than 90 days' prior written notice given before the expiration of the Initial Term or a Renewal Term, or earlier terminated as provided for therein. During the first year of the Initial Term, Mr. Sinnreich will be compensated by the issuance of 24,000,000 shares of Organicell's common stock, which will vest in equal monthly installments of 2,000,000 shares each. During the second year of the Initial Term, Mr. Sinnreich will be entitled to receive a base salary of $25,000 per month, payable in cash of shares of Organicell's common stock, at his election. The Employment Agreement will provide that Mr. Sinnreich will be entitled to receive a bonus payment of $150,000, if and when during the Term, the Company generates $10,000,000 in funding from an equity line of credit arrangement that may be implemented by the Company in the future. In addition, Mr. Sinnreich will be entitled to receive an award of 15,000,000 shares of common stock if any of the following milestones are achieved during the Term and the twelve month period thereafter (provided the Employment Agreement and Mr. Sinnreich's employment thereunder is terminated by the Company without cause). 1. The Company first obtains market capitalization of $1.0 billion for a three month consecutive period. 2. The Company first obtains market capitalization of $2.0 billion for a three month consecutive period. 3. The Company first obtains market capitalization of $5.0 billion for a three month consecutive period. 4. The Company first obtains market capitalization of $10.0 billion for a three month consecutive period. About Organicell Headquartered in Miami, FL, Organicell Regenerative Medicine, Inc. -- www.organicell.com -- is a clinical-stage biopharmaceutical company principally focusing on the development of innovative biological therapeutics for the treatment of degenerative diseases and to provide other related services. Its proprietary products are derived from perinatal sources and manufactured to retain the naturally occurring microRNAs, without the addition or combination of any other substance or diluent. Its RAAM Products and related services are principally used in the health care industry administered through doctors and clinics. Organicell Regenerative reported a net loss of $12.76 million for the year ended Oct. 31, 2021, compared to a net loss of $12.58 million for the year ended Oct. 31, 2020. As of April 30, 2022, the Company had $2.21 million in total assets, $6.41 million in total liabilities, and a total stockholders' deficit of $4.19 million. Fort Lauderdale, FL-based Marcum LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Feb. 14, 2022, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ORIGINCLEAR INC: Reports Unregistered Sales of Equity Securities ---------------------------------------------------------------- Between July 8, 2022 and July 19, 2022, Originclear, Inc. entered into subscription agreements with certain accredited investors pursuant to which the Company sold an aggregate of 1.2 shares of the Company's Series Y preferred stock for an aggregate purchase price of $120,000. The Company also issued an aggregate of 960,000 warrants to these investors. Conversion of Preferred Shares On July 8, 2022, holders of the Company's Series E preferred stock converted an aggregate of 1,537,213 Series E shares into an aggregate of 76,865 shares of the Company's common stock. On July 13, 2022, holders of the Company's Series Y preferred stock converted an aggregate of 2 Series Y shares into an aggregate of 24,561,069 shares of the Company's common stock. On July 20, 2022, holders of the Company's Series Q preferred stock converted an aggregate of 100 Series Q shares into an aggregate of 12,642,226 shares of the Company's common stock. On July 20, 2022, holders of the Company's Series W preferred stock converted an aggregate of 100 Series W shares into an aggregate of 12,642,226 shares of the Company's common stock. Issuance of Common Stock On July 21, 2022, the Company issued to consultants an aggregate of 1,000,000 shares of the Company's common stock for services. In connection with the foregoing, the Company relied upon the exemption from registration provided under Section 4(a)(2) under the Securities Act for transactions not involving a public offering. About OriginClear Headquartered in Clearwater, Florida, Originclear, Inc. -- www.originclear.tech -- is a water technology company which has developed in-depth capabilities over its 14-year lifespan. Those technology capabilities have now been organized under the umbrella of OriginClear Tech Group. OriginClear reported a net loss of $2.12 million for the year ended Dec. 31, 2021. As of March 31, 2022, the Company had $4.52 million in total assets, $17.93 million in total liabilities, $10.72 million in commitments and contingencies, and a total shareholders' deficit of $24.14 million. Houston, Texas-based M&K CPAS, PLLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 6, 2022, citing that the Company suffered a net loss from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. PECOS INN: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------- Pecos Inn, LLC asks the U.S. Bankruptcy Court for the Western District of Texas, Midland Division, for authority to use cash collateral. The Debtor requires the use of cash collateral to maintain business operations while effectuating a plan of reorganization. Newtek Small Business Finance and the Small Business Administration currently assert lien positions, on among other things the rents, accounts receivable and inventory of the Debtor. The Debtor contends an emergency exists in that the entire chance of the Debtor's reorganizing depends on its ability to immediately obtain use of the alleged collateral of Newtek and/or the SBA. The Debtor is willing to provide Newtek and the SBA with replacement liens pursuant to 11 U.S.C. section 552 consistent with their existing priority. A copy of the motion is available at https://bit.ly/3zHmgXw from PacerMonitor.com. About Pecos Inn, LLC Pecos Inn, LLC is the owner of Pecos Inn located at 2207 West 3rd street valued at $1 million (based on bank appraisal). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 22-70099) on July 28, 2022. In the petition signed by Ram Kunwar, managing member, the Debtor disclosed $1,230,600 in assets and $6,415,342 in liabilities. Judge Tony M. Davis oversees the case. Eric A. Liepins, Esq., is the Debtor's counsel. PHUNWARE INC: Won't Renew CEO's Employment Contract --------------------------------------------------- Following the review and evaluation of the employment agreements with certain of its executive officers, Phunware, Inc. provided notice to Alan S. Knitowski, the Company's chief executive officer, that the Company does not intend to renew his current employment agreement. Pursuant to that notice, Mr. Knitowski's Agreement will expire on Dec. 26, 2022, which is the fourth anniversary of the Effective Date. The Company's notice of non-renewal to Mr. Knitowski does not change or affect any of the terms of his current Agreement or his compensation or benefits thereunder, his status as chief executive officer of the Company or his employment with the Company, or his status or current term as a director and member of the Board of Directors of the Company. Following the expiration of Mr. Knitowski's current Agreement, Mr. Knitowski will continue to serve as the chief executive officer of the Company as an at-will employee of the Company under the same compensatory terms as contained in his current Agreement until a new employment agreement is entered into by and between the Company and Mr. Knitowski or the employment is terminated by Mr. Knitowski or the Company. About Phunware Headquartered in Austin, Texas, Phunware, Inc. -- http://www.phunware.com-- offers a fully integrated software platform that equips companies with the products, solutions and services necessary to engage, manage and monetize their mobile application portfolios globally at scale. Phunware reported a net loss of $53.52 million for the year ended Dec. 31, 2021, a net loss of $22.20 million for the year ended Dec. 31, 2020, a net loss of $12.87 million for the year ended Dec. 31, 2019, and a net loss of $9.80 million for the year ended Dec. 31, 2018. As of March 31, 2022, the Company had $81.42 million in total assets, $29.43 million in total liabilities, and $51.99 million in total stockholders' equity. Q.B. JOHNSON: Creditor Trustee Taps Phillips Murrah as Counsel -------------------------------------------------------------- James Denny, the official overseeing the Q.B. Johnson Manufacturing Inc. Creditor Trust, seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire Phillips Murrah, P.C. as his counsel. The firm's services include: (a) advising Mr. Denny regarding his powers and duties as trustee of the Q.B. Johnson Manufacturing Inc. Creditor's Trust; (b) preparing legal papers in connection with the administration of the trust and appearing on the trustee's behalf at court hearings; and (c) performing all other necessary legal services. The firm will charge these hourly fees: Clayton D. Ketter (Director) $335 Jason M. Kreth (Director) $300 Robert O. O'Bannon (Director) $560 Maribeth D. Mills (Assistant) $145 As disclosed in court filings, Phillips Murrah is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Clayton D. Ketter, Esq. Jason M. Kreth, Esq. Phillips Murrah P.C. 101 N. Robinson Ave. Corporate Tower, 13th Floor Oklahoma City, OK 73102 Phone: +1 405-235-4100 Fax: +1 (405)-235-4133 Email: cdketter@phillipsmurrah.com jmkreth@phillipsmurrah.com About Q.B. Johnson Manufacturing Q.B. Johnson Manufacturing, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Okla. Case No. 03-24016) on Dec. 24, 2003. The Debtor tapped Stephen J. Moriarty, Esq., as its attorney. On March 2, 2005, Judge T.M. Weaver, the bankruptcy judge assigned to oversee the case, confirmed the Debtor's Chapter 11 plan of reorganization. The Debtor's case was terminated on March 30, 2005. On July 7, 2022, James H. Denny, the official appointed to oversee the Q.B. Johnson Manufacturing Inc. Creditor Trust, obtained a court order granting his motion to reopen the case. Judge Sarah A. Hall is the new judge assigned to the case. Mr. Denny is represented by Clayton D. Ketter, Esq., and Jason M. Kreth, Esq., at Phillips Murrah P.C. QUOTIENT LIMITED: Appoints Sophie Bechu as Director --------------------------------------------------- Quotient Limited has appointed Ms. Sophie Bechu to its Board of Directors, effective as of Sept. 1, 2022. In connection with the appointment of Ms. Bechu, the Company increased the size of its Board to 10 directors, effective as of Sept. 1, 2022. The Company expects the size of the Board to revert to nine directors following the 2022 Annual General Meeting of shareholders, as a result of Mr. McDonough's decision not to stand for re-election. If re-elected at the 2022 Annual General Meeting of shareholders, Ms. Bechu will serve on the Audit Committee of the Board effective after the 2022 Annual General Meeting of shareholders, and the Audit Committee will be composed of Ms. Bechu and Larue and Messrs Aebischer and Hallsworth, with Mr. Aebischer serving as chairman. The Board has determined that all such persons will meet the independence requirements of Rule 10A-3 under the Exchange Act and the applicable listing standards of the Nasdaq. Ms. Sophie Bechu, 61, has been the chief operating officer of Royal Philips, a medical technology company operating through diagnosis, treatment, connected care and personal health segments, since September 2016. Earlier in her career, Ms. Bechu held various positions at IBM across various international geographies, from December 1983 to August 2016, moving from Plant Strategy and Plant Controller in her early years to Vice President, Strategic Outsourcing, North America Delivery GTC in June 2015. Ms. Bechu graduated in Engineering, Electronics, Automation from the École Superieure d'Electricité, in Paris, France. In connection with her appointment to the Board, on Sept. 1, 2022, the Company expects to grant Ms. Bechu share options and restricted share units. In connection with her service on the Board and the Audit Committee, Ms. Bechu will receive a cash retainer and have business expenses reimbursed, if any, consistent with other non-employee directors. The Company also expects to enter into an indemnification agreement with Ms. Bechu, in substantially the same form the Company's other directors have entered, About Quotient Limited Penicuik, United Kingdom-based Quotient Limited is a commercial-stage diagnostics company committed to reducing healthcare costs and improving patient care through the provision of innovative tests within established markets. With an initial focus on blood grouping and serological disease screening, Quotient is developing its proprietary MosaiQTM technology platform to offer a breadth of tests that is unmatched by existing commercially available transfusion diagnostic instrument platforms. The Company's operations are based in Edinburgh, Scotland; Eysins, Switzerland and Newtown, Pennsylvania. Quotient Limited reported a net loss of $125.13 million for the year ended March 31, 2022, compared to a net loss of $111.03 million for the year ended March 31, 2021. As of March 31, 2022, the Company had $193.99 million in total assets, $338.09 million in total liabilities, and a total shareholders' deficit of $144.10 million. Belfast, United Kingdom-based Ernst & Young LLP, the Company's auditor since 2007, issued a "going concern" qualification in its report dated June 28, 2022, citing that the Company has incurred recurring net losses and negative cash flows from operations, its planned expenditures exceed available funding, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. RALSTON-LIPPINCOTT: Wins Cash Collateral Access on Final Basis -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York authorized Ralston-Lippincott-Hasbrouck-Ingrassia Funeral Home, Inc. and CKI, LLC to use cash collateral on a final basis in accordance with the budget. The Debtors require the use of the revenues from the funeral service businesses to pay necessary business expenses, including the necessary carrying costs of the Greenwood Lake Property. The Debtors project monthly net revenue before debt service of approximately $16,900. The Debtor's loan agreements with prepetition secured lender, Orange Bank & Trust Company, f/k/a Orange County Trust Company, include assignments of rents, which purport to broadly define all of the Debtor's operating revenue as "rents." OBT also has a still valid, filed UCC-1 Financing Statement, although a copy is not available on the Secretary of State's website and the Debtors do not have a copy. OBT asserts that the Debtors' rents and operating revenue constitute OBT's cash collateral. As adequate protection, OBT is granted postpetition replacement liens in and to property of the estate acquired postpetition and of the kind securing OBT's indebtedness prepetition, if, as and to the extent and with the same priority such property secured such indebtedness prepetition. The Debtor will make monthly payments in the amount of $13,000 to OBT commencing in July 2022; provide OBT with proof of insurance on the Debtor's property and business with OBT as loss payee; and will serve the Debtors' monthly operating reports on OBT's counsel Kevin Preston, Esq. when they are filed. A copy of the order is available at https://bit.ly/3Jfix6M from PacerMonitor.com. About Ralston-Lippincott-Hasbrouck-Ingrassia Funeral Home, Inc. Ralston-Lippincott-Hasbrouck-Ingrassia Funeral Home, Inc., Lippincott-Ingrassia Funeral Home, Inc., Lippincott Funeral Chapel, Inc., and CKI, LLC, filed Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 22-35340 and 4:22-bk-35339, respectively) on May 19, 2022. Anthony Ingrassia, president, signed the petitions. Ralston-Lippincott-Hasbrouck-Ingrassia disclosed $10 million in both assets and liabilities. Judge Cecelia G. Morris oversees the case. The Debtors are represented by Mike Pinsky, Esq., at Hayward, Parker, O'Leary & Pinsky. REGIONAL HEALTH: Releases Meeting Results, Cancels Exchange Offer ----------------------------------------------------------------- Regional Health Properties, Inc. convened its special meeting of the holders of its 10.875% Series A Cumulative Redeemable Preferred Shares and holders of its common stock, no par value. The Preferred Series A Charter Amendment Proposal, the Series B Preferred Stock Proposal and the Adjournment Proposal were approved by the requisite votes of the applicable shareholders of the Company. The Common Charter Amendment Proposal was not approved by the requisite vote of the holders of Common Stock. The Preferred Series A Charter Amendment Proposal, the Series B Preferred Stock Proposal and the Common Charter Amendment Proposal were not implemented as a result of the failure to obtain the requisite shareholder approval for the Common Charter Amendment Proposal. Therefore, the Company's Amended and Restated Articles of Incorporation will not be amended to reflect the Series A Charter Amendments or the Series B Charter Amendments (each as defined and described in the Proxy Statement/Prospectus). Preferred Series A Charter Amendment Proposal The holders of Series A Preferred Stock approved the proposal to amend the Charter to (i) reduce the liquidation preference of the Series A Preferred Stock to $5.00 per share, (ii) eliminate accumulated and unpaid dividends on the Series A Preferred Stock, (iii) eliminate future dividends on the Series A Preferred Stock, (iv) eliminate penalty events and the right of holders of Series A Preferred Stock to elect directors upon the occurrence of a penalty event, (v) reduce the redemption price of the Series A Preferred Stock in the event of an optional redemption to $5.00 per share, (vi) reduce the redemption price of the Series A Preferred Stock in the event of a "change of control" to $5.00 per share and (vii) change the voting rights of holders of Series A Preferred Stock when voting as a single class with any other class or series of stock to one vote per $5.00 liquidation preference, on the terms of the form of proposed amendments to the Charter set forth as Annex A to the Proxy Statement/Prospectus. Series B Preferred Stock Proposal The holders of Series A Preferred Stock approved the proposal to (i) amend the Charter to increase the authorized number of shares of preferred stock to 6,000,000 shares, on the terms of the form of proposed amendments to the Charter set forth as Annex B-1 to the Proxy Statement/Prospectus, and (ii) approve the authorization, creation and designation by the Board of Directors of the Company pursuant to Section 14-2-602 of the Official Code of Georgia Annotated, from the authorized but undesignated shares of preferred stock, of the Series B Preferred Stock having the rights, preferences and privileges substantially as set forth in the form of amendment to the Charter in Annex B-2 to the Proxy Statement/Prospectus and as described under "Description of Capital Stock—Series B Preferred Stock" in the Proxy Statement/Prospectus, which, if so approved by the holders of the Series A Preferred Stock as part of this proposal, will rank senior to the Series A Preferred Stock, and be "Senior Shares" to the Series A Preferred Stock, pursuant to and as contemplated by Section 3.7(e) of the Charter. Exchange Offer Terminated As previously announced, the Company commenced an offer to exchange any and all of its outstanding Series A Preferred Stock for newly issued shares of the Company's 12.5% Series B Cumulative Redeemable Preferred Shares. The Exchange Offer was set to expire at 5:00 p.m., New York City time, on July 25, 2022. Prior to the Expiration Date, the Company elected to terminate the Exchange Offer, as a result of the failure to obtain the requisite shareholder approval for the Common Charter Amendment Proposal, which was a condition to the closing of the Exchange Offer that could not be waived. No shares of Series A Preferred Stock tendered in the Exchange Offer will be accepted for exchange, and the shares of Series A Preferred Stock previously tendered in the Exchange Offer will be promptly returned to the tendering holders. No consideration will be paid or become payable to holders who have properly tendered their shares of Series A Preferred Stock in the Exchange Offer. No shares of Series B Preferred Stock will be created, designated or issued. In addition, the shares of Series A Preferred Stock will remain outstanding, with no change to the terms and provisions of the Series A Preferred Stock. About Regional Health Properties Regional Health Properties, Inc. (NYSE American: RHE) (NYSE American: RHEpA) -- http://www.regionalhealthproperties.com-- is a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term healthcare through facility lease and sub-lease transactions. Regional Health a net loss of $1.18 million for the year ended Dec. 31, 2021, and a net loss of $688,000 for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $105.70 million in total assets, $95.30 million in total liabilities, and $10.40 million in total stockholders' equity. REID'S EDUCATIONAL: United States Trustee Says Plan Not Feasible ---------------------------------------------------------------- Mary Ida Townson, United States Trustee for Region 21 ("UST"), objects to confirmation of the Amended Subchapter V Plan of Reorganization of Reid's Educational Child Care Center LLC. The UST objects to the Plan on the following grounds: First, the Plan may not be feasible, as is required in 11 U.S.C. Sec. 1191 and 1129(a). The Debtor owns a commercial real estate building in Duval County, Florida and leases this building to Olga Colon pursuant to a one-year lease agreement with an option to purchase the property for $255,000.00. (Plan at 12). The Debtor shut down its main day care business during the pandemic and now focuses on providing tutoring services. The Plan contemplates that the Debtor will continue to operate and will generate sufficient income from its tutoring and childcare center business to fund the Plan. (Id. at 2). The projections indicate that the Debtor anticipates receiving average gross monthly income of $1,783.33, or $21,400.00 annually. (Plan at 17 22). The Debtor has not filed a single monthly operating report ("MOR") during the pendency of this case. The Debtor has yet to file an MOR for May or June, which reports are currently past due. As a result, because the Debtor has not filed any required financial information (see Order requiring Debtor to file MORs), interested parties, including the United States Trustee, are unable to monitor or evaluate the Debtor's post petition operations and financial affairs. As a result, it is not possible for interested parties to independently evaluate whether the Debtor's plan is feasible. Second, without MORs, interested parties are also unable to determine whether the cash flow projections in the Plan align with the Debtor's financial performance during this case, and the Plan does not specify all of the assumptions upon which these projections are based. Pursuant to 11 U.S.C. Sec. 1190(1), adequate disclosure and comprehensive financial projections are required to evaluate the Debtor's ability to make payments under the Plan, and this is necessary to assist creditors in making informed decisions when voting. A full-text copy of the UST's objection dated July 28, 2022, is available at https://bit.ly/3Qd8Ub5 from PacerMonitor.com at no charge. About Reid's Educational Child Care Centre Reid's Educational Child Care Centre, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 3:22-bk-01037) on May 23, 2022. In the petition signed by Nickesha V. Reid, manager, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge Jacob A. Brown oversees the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP is the Debtor's counsel. RETROTOPE INC: SSG Acted as Investment Banker in Asset Sale ----------------------------------------------------------- SSG Advisors, LLC (SSG) acted as the investment banker to Retrotope, Inc. in the sale of substantially all of its assets to RTMFP Enterprises Inc. (RTMFP). The sale was effectuated through a Section 363 sale under a confirmed Chapter 11 Sub-Chapter V Plan of Reorganization in the U.S. Bankruptcy Court for the District of Delaware. The transaction closed in July 2022. Retrotope, founded in 2006 and based in Los Altos, California, is a clinical stage biotechnology company developing drugs to combat serious and debilitating neurological and retinal degenerative diseases caused by lipid peroxidation. With three molecules under development, the Company's lead product candidates include RT-001, for the treatment of multiple progressive neurological diseases, and RT-011 for the treatment of dry age-related macular degeneration. If successful, Retrotope's drug candidates would represent the first approved therapies in several of its lead indications. After failure to reach end points in clinical trials of RT-001 in late 2021 and early 2022, Retrotope began experiencing liquidity constraints. After shareholders were unable to resolve the terms of funding for the Company to preserve ongoing operations and existing clinical trials, Retrotope filed for protection under Sub-Chapter V of Chapter 11 on March 21, 2022. SSG was retained just prior to filing to advise the Company on strategic alternatives and to conduct an accelerated and comprehensive marketing process to solicit interest from strategic and financial investors. The Company negotiated a DIP Loan and a Stalking Horse Agreement with RTMFP to preserve the business as a going concern and to ensure all existing human clinical trials progressed uninterrupted. After receiving a qualified overbid from a strategic biopharma company, an auction was held with multiple rounds of bidding, including a bid for cash plus future milestone and royalty payments. Ultimately, RTMFP's all-cash offer was determined by the Debtor to be the highest and best offer for Retrotope's assets and was selected as the winning bidder. The auction results were contested by objecting shareholders with the support of the competing bidder. The sale to RTMFP was approved by the Bankruptcy Court after a two-day contested bid valuation and plan confirmation trial. SSG's extensive experience in managing complex processes with multiple stakeholders, resulted in a going-concern transaction that paid all creditors in full and provided a distribution to equity holders. Other professionals who worked on the transaction include: * Matthew P. Ward, Ericka F. Johnson, Morgan L. Patterson and Philip J. Mohr of Womble Bond Dickinson (US) LLP, counsel to Retrotope, Inc.; * James Gansman, Heidi Lipton and Brian Ayers of Rock Creek Advisors LLC, financial advisor to Retrotope, Inc.; * Dan Scouler of Scouler Kirchhein, lead Independent Director; * Jami B. Nimeroff of Brown McGarry Nimeroff LLC, Sub-Chapter V Trustee; * Scott B. Lepene of Thompson Hine LLP, counsel to RTMFP Enterprises Inc.; * Mark L. Desgrosseilliers of Chipman Brown Cicero & Cole, LLP, counsel to RTMFP Enterprises Inc.; * Jeffrey K. Garfinkle of Buchalter, counsel to Objecting Shareholders; * Adam Trigg of Bergeson, LLP, counsel to Objecting Shareholders; and * Jason C. Powell of The Powell Firm, LLC, counsel to Objecting Shareholders. About Retrotope Inc. Retrotope Inc., a biopharma company in Los Altos, Calif., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Case No. 22-10228) on March 21, 2022, listing up to $1 million in assets and up to $10 million in liabilities. Jami B Nimeroff serves as Subchapter V trustee. Judge John T. Dorsey oversees the case. The Debtor tapped Matthew P. Ward, Esq., at Womble Bond Dickinson (US), LLP as legal counsel; SSG Advisors, LLC as investment banker; and Rock Creek Advisors, LLC as financial advisor. BMC Group, Inc. is the claims and noticing agent and administrative advisor. REVLON INC: White & Case Represents Non-Insider Shareholders ------------------------------------------------------------ In the Chapter 11 cases of Revlon, Inc., et al., the law firm of White & Case LLP submitted a verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose that it is representing the Ad Hoc Group of Non-Insider Shareholders. On or around July 6, 2022, a group formed by certain non-insider shareholders engaged White & Case to represent it in connection with potential transactions with or any restructuring of the Debtors. White & Case represents only the Ad Hoc Group of Non-Insider Shareholders. Each Member of the Ad Hoc Group of Non-Insider Shareholders is aware of, and has consented to, White & Case's "group representation" of the Ad Hoc Group of Non-Insider Shareholders. White & Case does not represent or purport to represent any individuals or entities other than the Ad Hoc Group of Non-Insider Shareholders in connection with these chapter 11 cases. As of July 28, 2022, members of the Ad Hoc Group of Non-Insider Shareholders and their disclosable economic interests are: Number of Shares ---------------- Kevin Barnes 20,000 Adam Gui 1,000 Christopher Mittleman 989,525 Upon information and belief formed after due inquiry, White & Case does not hold any claims against, or interests in, the Debtors or their estates. Counsel to the Ad Hoc Group of Non-Insider Shareholders can be reached at: WHITE & CASE LLP Thomas E Lauria, Esq. 200 South Biscayne Boulevard, Suite 4900 Miami, FL 33131 Telephone: (305) 371-2700 Facsimile: (305) 358-5744 E-mail: tlauria@whitecase.com J. Christopher Shore, Esq. David M. Turetsky, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, NY 10020 Telephone: (212) 819-8200 Facsimile: (212) 354-8113 E-mail: cshore@whitecase.com david.turetsky@whitecase.com - and - Gregory F. Pesce WHITE & CASE LLP 111 South Wacker Drive, Suite 5100 Chicago, IL 60606 Telephone: (312) 881-5400 Facsimile: (312) 881-5450 E-mail: gregory.pesce@whitecase.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://bit.ly/3Q5Dtzg About Revlon Inc. Revlon Inc. manufactures, markets and sells an extensive array of beauty and personal care products worldwide, including color cosmetics; fragrances; skin care; hair color, hair care and hair treatments; beauty tools; men's grooming products; anti-perspirant deodorants; and other beauty care products. Today, Revlon's diversified portfolio of brands is sold in approximately 150 countries around the world in most retail distribution channels, including prestige, salon, mass, and online. Since its breakthrough launch of the first opaque nail enamel in 1932, Revlon has provided consumers with high quality product innovation, performance and sophisticated glamour. In 2016, Revlon acquired the iconic Elizabeth Arden company and its portfolio of brands, including its leading designer, heritage and celebrity fragrances. Revlon is among the leading global beauty companies, with some of the world's most iconic and desired brands and product offerings in color cosmetics, skin care, hair color, hair care and fragrances under brands such as Revlon, Revlon Professional, Elizabeth Arden, Almay, Mitchum, CND, American Crew, Creme of Nature, Cutex, Juicy Couture, Elizabeth Taylor, Britney Spears, Curve, John Varvatos, Christina Aguilera and AllSaints. Revlon, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 22-10760) on June 15, 2022. Fifty affiliates, including Almay, Inc, Beautyge Brands USA, Inc., and Elizabeth Arden, Inc., also sought bankruptcy protection on June 15 and June 16, 2022. Revlon disclosed total assets of $2,328,093,000 against total liabilities of $3,689,240,395 as of April 30, 2022. The Hon. David S. Jones is the case judge. PJT Partners is acting as financial advisor to Revlon and Alvarez & Marsal is acting as restructuring advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor to the Company. Mololamken, LLC, is the conflicts counsel. Kroll, LLC, is the claims agent. RIOT BLOCKCHAIN: Proposal to Increase Authorized Shares Withdrawn ----------------------------------------------------------------- Riot Blockchain, Inc. disclosed through its filing of additional proxy materials (DEFA14A) that the Board of Directors of the Company determined to, in connection with the Company's Annual General Meeting of Stockholders, withdraw Proposal No. 4 from consideration by the Company's stockholders. As set forth in the Proxy Statement filed with the U.S. Securities and Exchange Commission on June 17, 2022, Proposal No. 4 requested approval to amend the Company's current Articles of Incorporation to increase the number of shares of common stock authorized for issuance from 170,000,000 shares to 340,000,000 shares. As such, any votes cast in connection with Proposal No. 4 will be disregarded. "Your vote will be voted as you instructed on your proxy card as to the remainder of the proposals, Proposal No. 1 (Election of Directors), Proposal No. 2 (Ratification of Independent Auditor), Proposal No. 3 (Say-on-Pay), and Proposal No. 5 (Amendment to the Employee Incentive Plan). If you have already returned your proxy card and would like to change your vote on Proposals 1, 2, 3 or 5, you may revoke or change your vote at any time before the final vote on the matter is taken at the AGM by submitting a notice of revocation to the Company, or by timely delivery of a valid, later-dated, duly executed proxy card. You may also revoke or change your vote by attending the AGM and voting online. If your shares are held by a bank, broker, or other nominee, you must contact the bank, broker, or nominee and follow their instructions for revoking or changing your vote," the Company noted. The Board reserves the right to revisit the possibility of increasing the number of shares of common stock authorized for issuance or any alternative proposal at any point in the future on such terms as may be determined at that time to be in the best interest of the Company and its stockholders. About Riot Blockchain Headquartered in Castle Rock, Colorado, Riot Blockchain, Inc. -- http://www.RiotBlockchain.com-- specializes in cryptocurrency mining with a focus on bitcoin. The Company is expanding and upgrading its mining operations by securing the most energy efficient miners currently available. Riot is headquartered in Castle Rock, Colorado, and the Company's mining facility operates out of upstate New York, under a co-location hosting agreement with Coinmint. Riot Blockchain reported a net loss of $7.93 million for the year ended Dec. 31, 2021, a net loss of $12.67 million for the year ended Dec. 31, 2020, a net loss of $20.30 million for the year ended Dec. 31, 2019, and a net loss of $60.21 million for the year ended Dec. 31, 2018. As of March 31, 2022, the Company had $1.55 billion in total assets, $162.07 million in total liabilities, and $1.38 billion in total stockholders' equity. ROYAL HAWAIIAN: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Royal Hawaiian Water Co., Ltd. d/b/a Hawaiian Isles Water Company 2839 Mokumoa Street Honolulu, HI 96819 Business Description: Royal Hawaiian is in the purified water bottling business. Chapter 11 Petition Date: July 30, 2022 Court: United States Bankruptcy Court District of Hawaii Case No.: 22-00524 Judge: Hon. Robert J. Faris Debtor's Counsel: Chuck C. Choi, Esq. CHOI & ITO 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Tel: 808-533-1877 Fax: 808-566-6900 Email: cchoi@hibklaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael H. Boulware as president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/AHOUBEI/Royal_Hawaiian_Water_Co_Ltd__hibke-22-00524__0001.0.pdf?mcid=tGE4TAMA SAS AB: Wrapping Up Talks for $700-Mil. Exit Loan ------------------------------------------------- Jeremy Hill of Bloomberg News reports that SAS AB intends to choose a lender to finance its bankruptcy and file the deal publicly by the middle of August, a lawyer for the Scandinavian airline said Wednesday, July 27, 2022. The company is "optimistic" that it'll be able to secure a targeted $700 million of bankruptcy financing in the near term, attorney Gary Holtzer told US Bankruptcy Judge Michael Wiles in a hearing Wednesday, July 27, 2022. "There still remains lots of work to do," Mr. Holtzer said. In addition, the company will soon ask its bankruptcy judge to formally sign off on the deal struck with its pilots' union, he said. A full-text copy of the article is available at https://news.bloomberglaw.com/bankruptcy-law/sas-targets-mid-august-to-wrap-up-bankruptcy-loan-negotiations About Scandinavian Airlines SAS SAB, Scandinavia's leading airline, with main hubs in Copenhagen, Oslo and Stockholm, is flying to destinations in Europe, USA and Asia. Spurred by a Scandinavian heritage and sustainable values, SAS aims to be the global leader in sustainable aviation. The airline will reduce total carbon emissions by 25 percent by 2025, by using more sustainable aviation fuel and our modern fleet with fuel-efficient aircraft. In addition to flight operations, SAS offers ground handling services, technical maintenance and air cargo services. SAS is a founder member of the Star Alliance, and together with its partner airlines offers a wide network worldwide. On the Web: https://www.sasgroup.net SAS AB and its affiliates, including Scandinavian Airlines Systems Denmark-Norway-Sweden and Scandinavian Airlines of North America Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-10925) on July 5, 2022. In the petition filed by Erno Hildén, as authorized representative, the Debtor SAS AB estimated assets between $10 billion and $50 billion and liabilities between $1 billion and $10 billion. Weil, Gotshal & Manges LLP is serving as global legal counsel and Mannheimer Swartling Advokatbyra AB is serving as Swedish legal counsel to SAS. Seabury Securities LLC and Skandinaviska Enskilda Banken AB are serving as investment bankers, Seabury is also serving as restructuring advisor. FTI Consulting is serving as financial advisor. Kroll Restructuring Advisors is the claims agent. SCF LLC: Files for Chapter 11 With $17-Mil. Debt ------------------------------------------------ SCF LLC filed for chapter 11 protection in the Western District of Tennessee. The Debtor disclosed $5.233 million in assets, including $3.922 million cash, against $16.581 million in total liabilities. According to the statement of financial affairs, the Company had zero revenue in the past two years. According to court filing, SCF LLC estimates between 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About SCF LLC SCF LLC provides integrated logistics and barge transportation services on the U.S. SCF, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 22-10809) on July 27, 2022. In the petition filed by Doug Blaylock, as chief financial officer, the Debtor estimated assets between $1 million and $10 million and liabilities of $10 million and $50 million. Steven N. Douglass, of Harris Shelton Hanover & Walsh, PLLC, is the Debtor's counsel. SHIFT4 PAYMENTS: S&P Withdraws 'B' Issuer Credit Rating ------------------------------------------------------- S&P Global Ratings withdrew its 'B' issuer credit rating on Shift4 Payments Inc. at the company's request. The outlook was negative at the time of the withdrawal. At the same time, S&P withdrew its 'BB-' issue-level rating and '1' recovery rating on Shift4's senior secured debt and its 'B' issue-level rating and '4' recovery rating on its unsecured debt. STRATHCONA RESOURCES: S&P Alters Outlook to Pos., Affirms 'B+' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook to positive from stable and affirmed its 'B+' issuer credit rating on Calgary-based Strathcona Resources Ltd. The 'BB-' issue-level rating and '2' recovery rating on the senior unsecured notes are unchanged. Strathcona has announced the acquisition of Serafina Energy Ltd. for C$2.3 billion. The transaction is expected to be funded with free cash flows, a new C$700 million term loan, and drawings under the upsized C$2 billion credit facility (expected to be 90% drawn at close). The positive outlook reflects S&P's expectation that it could raise the rating in the next 12 months if the company demonstrates a track record of successfully integrating the recent acquisitions, while using excess cash to pay down debt such that it is able to maintain undrawn capacity under its committed credit facility above 50%. The positive outlook reflects the material increase in operating scale, with pro forma production estimated at about 150,000 boe per day, with heavy oil accounting for the majority of the product mix. S&P said, "Following the company's announced acquisition of Serafina (40,000 boe/day of heavy oil) and recently amalgamated assets of Caltex Resources and Cenovus Energy Inc.'s Tucker thermal oil assets in March 2022 (together about 32,000 boe/day), we project a material increase in Strathcona's production base. Specifically, we expect the company's scale to more than double, with pro forma production to average 150,000 boe/day compared with 68,000 boe/day in 2021. The recent acquisitions expand the company's operational footprint and are complementary to the portfolio, located adjacent to the existing assets. In addition, the company has a relatively large resource base, with pro forma net proved reserves of 1 billion boe, with a reserve life index of 19 years providing good visibility to low-risk, long-term stable production. In our view, the increased scale is comparable with that of higher-rated peers, and is the key factor underpinning the positive outlook." However, most of the pro forma production is now heavy oil and bitumen (about 75%), resulting in higher volatility than that of many rated peers focused on light oil production. S&P Global Ratings believes the company's natural gas production provides a natural hedge of its heavy oil's production fuel costs. In addition, Strathcona's condensate production also serves to partially hedge its diluent blending requirements. The acquisition of Serafina also includes a 50,000 bbl/day crude-by-rail facility, which provides access to U.S. refineries. Although this increases the transportation costs, the company benefits from higher realization and lower operating costs for volumes transported by rail, due to reduced blending requirements. S&P said, "Management would need to demonstrate successful integration of the assets and maintain profitability aligned with the midrange of our global peer group. Our business risk assessment factors in the relatively high-cost structure compared with that of peers focused on light oil and natural gas development. Although the company has a low decline rate and its all-in finding and development costs are among the lowest of its peer group, its cash operating costs and EBIT breakeven are relatively higher than those of peers and are primarily attributed to the blending costs required for its heavy oil/bitumen production. We expect cash costs on a per boe basis will decrease as production increases and benefits from optimization initiatives. However, we believe the consolidated operating costs will remain higher than the rating level due to the heavy oil-weighted product mix and accordingly, we continue to assess the company's profitability (calculated on a five-year, unit EBIT/thousand cubic feet basis) in the midrange of our North American peer group. "We believe the Serafina assets should also continue to support the average assessment because the acquired assets' operating costs are more competitive relative to Strathcona's existing thermal assets. While Serafina's assets have been developed in the past 10 years, two (Meota Eest and Meota Wast 2) were developed more recently. In addition, although the company is reactivating well pads and working on improving recovery at the Tucker asset, there hasn't been any drilling at Tucker since 2017. Accordingly, we would like the company to demonstrate steady operating results at its existing assets as well as at its recently acquired Serafina assets to maintain our current profitability assessment. "We also project strong credit measures; however, improvement to our financial risk assessment is constrained by financial sponsor ownership. We project strong credit measures for Strathcona in the next two years; however, improvement to our financial risk assessment is constrained by our view of Waterous Energy Fund as a financial sponsor. We expect Strathcona will generate adjusted FFO to debt averaging 60% and debt to EBITDA averaging 1.5x in the next two years (2023-2024) led by higher production and favorable oil and gas prices. We forecast production will rise to about 150,000 boe per day pro forma the Serafina acquisition, as management integrates recent acquisitions, while also investing in debottlenecking at Lindbergh and Kakwa (about 5,500 boe per day) and brownfield expansions at Orion and Groundbirch (about 9,000 boe per day), using existing infrastructure and facilities. "Based on our projections, we expect the company will generate material positive free cash flows in 2023 of more than C$1 billion. We assume excess cash will be used for repaying the term loan (C$700 million) as mandated by the loan agreement and thereafter reduce borrowings under the upsized C$2 billion credit facility (expected to be about 90% drawn at the close of the Serafina acquisition). While we believe Strathcona will continue to pursue acquisition-related growth, we assume management and owners will maintain moderate financial policies, and continue adhering to their long-term target leverage of maintaining the debt-to-EBITDA ratio below 1.5x. Specifically, we expect the company will bolster its pro forma liquidity by reducing the drawn amount under its committed credit facility, ensuring the majority of the facility is available to address future unanticipated operational or market events. "The positive outlook reflects the business risk profile enhancement S&P Global Ratings attributes to Strathcona's increased operational scale. In addition, we expect the company will use excess cash flows to fully pay down the term loan and materially reduce borrowings under the credit facility. We also expect management to successfully integrate the recent acquisitions and maintain an average FFO-to-debt ratio at about 60%. "We could revise the outlook to stable over the next 12 months, if we expect the credit facility to remain largely drawn or if operating efficiency weakened, hampering profitability metrics. We could also revise the outlook to stable if the company's adjusted FFO-to-debt ratio fell below 45%, with limited prospects of improvement. This could occur if hydrocarbon prices underperformed our current assumptions, and the company continued to pursue more aggressive financial policies, such as debt-funded acquisitions. "We could raise the rating, if Strathcona is able to successfully integrate acquired assets, maintaining profitability in the midrange of the global peer group. In addition, for an upgrade we would also expect the company to maintain its adjusted FFO-to-debt ratio above 45%, in particular at our long-term oil and gas price assumptions, fully repay its term loan, and have more than 50% availability under its credit facility to manage unforeseen operational or market events." ESG credit indicators: E-4, S-4, G-3 S&P said, "Environmental and social factors are negative considerations in our credit rating analysis of Strathcona Resources. With the company's upstream operations largely focused on heavy oil and bitumen production (75% of average daily production), the environmental risks associated with the greenhouse gas-intensive operations are a material factor in our rating analysis. The credit profile is also exposed to the social risks in the supply chain that contribute to delays in completing new pipeline projects, which have resulted in heightened heavy oil price differential volatility relative to global benchmark prices in the past and stunted the oil sands sector's growth prospects. Governance is a moderately negative consideration, as is the case for most rated entities owned by private-equity sponsors. We believe the company's financial risk profile points to corporate decision-making that prioritizes the interests of the controlling owners. This also reflects the generally finite holding periods and a focus on maximizing shareholder returns." TAYSIR INC: Wins Cash Collateral Access Thru Sept 1 --------------------------------------------------- The US. Bankruptcy Court for the Central District of California authorized Taysir Incorporated to use cash collateral on an interim basis in accordance with the budget through September 1, 2022. As previously reported by the Troubled Company Reporter, the Debtor requires immediate access to cash collateral to ensure that it is able to continue purchasing inventory, paying vendors, and otherwise operating its convenience and check-cashing store. The Court said a continued hearing on the Motion will be held on September 1, 2022, at 2 p.m. Objections are due August 18. The Debtor must file and serve supplemental briefing and evidence, including a six-month projection budget, no later than August 4. A copy of the order is available at https://bit.ly/3zGMIk3 from PacerMonitor.com. About Taysir Incorporated Taysir Incorporated, a California corporation d/b/a Lake Perris Market; dba Lake Perris Liquor, Lake Perris Market & Liquor, Lake Perris Market & Deli operates a convenience store selling beer, wine, and liquor. The Debtor filed Chapter 11 Petition (Bankr. C.D. Cal. Case No. 22-12719) on July 19, 2022. At the time of filing, the Debtor disclosed $772,300 in total assets and $7,800,015 in total liabilities. Judge Magdalena Reyes Bordeaux oversees the case. Leonard M. Shulman, Esq., at SHULMAN BASTIAN FRIEDMAN & BUI LLP is the Debtor's counsel. THE HOWARD DAY: Building Owner Files for Chapter 11 Pro Se ---------------------------------------------------------- The Howard Day House LLC filed for chapter 11 protection in the Eastern District of New York. The Howard Day House, a Single Asset Real Estate, claims to own and operate an 8-unit building in 16 Howard Avenue, Brooklyn, New York. The Debtor says the property is valued at $5 million while it total debt sits at $4.2 million. The petition indicates that the Debtor is not represented by an attorney. A hearing in Bankruptcy Court is slated for Aug. 11, 2022, at 11:00 a.m. at Courtroom 3585 on account of the Debtor's failure to be represented by counsel. According to court filings, The Howard Day House estimates between 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About The Howard Day House The Howard Day House LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). On July 27, 2022, the Debtor filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41781). The Debtor has elected to proceed under subchapter V of chapter 11. In the petition filed by Chaskiel Strulovitch, as managing member, the Debtor estimated assets between $1 million and $10 million and liabilities between $1 million and $10 million. TIMBER PHARMACEUTICALS: Unit Amends Purchase Deal With Patagonia ---------------------------------------------------------------- Timber Pharmaceuticals LLC, a wholly-owned subsidiary of Timber Pharmaceuticals, Inc., entered into an amendment to that certain Asset Acquisition Agreement, dated Feb. 28, 2019, by and among the Subsidiary, Patagonia Pharmaceuticals LLC, Jonathan Rome and Zachary Rome. Under the Original Agreement, the Subsidiary acquired the intellectual property rights to a topical formulation of isotretinoin for the treatment of congenital ichthyosis and identified as TMB-001, formerly PAT-001, from Patagonia. Pursuant to the Original Agreement, the Subsidiary is obligated to pay Patagonia certain milestone and earn-out payments. The first milestone payment is a one-time $4 million payment earned upon the initiation of a Phase 3 pivotal trial, as agreed with the FDA and defined as enrollment of the first patient in such trial for the Product. As previously disclosed, the first patients in the Company's pivotal Phase 3 ASCEND clinical trial were enrolled in the second quarter of 2022, such that the Milestone Payment was earned and became payable in the third quarter of 2022. In the Amendment, the Subsidiary and Patagonia agreed to amend and extend the time for payment of the Milestone Payment. The first Milestone Payment is now payable in two tranches, with $2.25 million due by Sept. 1, 2022 and $2.065 million due by Sept. 1, 2023. In addition to the remedies for breach in the Original Agreement, including reversion under certain circumstances, the Subsidiary granted Patagonia a security interest in the Product and certain other assets specifically to secure payment of the deferred portion of the Milestone Payment. Mr. Zachary Rome, president of Patagonia, previously served on the Company's board of directors and as the Company's executive vice-president and chief operating officer. He currently serves as a consultant to the Company. Unit Terminates License Deal with AFT On July 22, 2022, the Subsidiary provided written notice to AFT Pharmaceuticals Limited of its decision to terminate the License Agreement, dated as of July 5, 2019, by and between the Subsidiary and AFT because the Company believes there is no longer a commercially reasonable path to approval and commercialization for TMB-002 in the United States for facial angiofibromas associated with tuberous sclerosis complex. Additionally, following the receipt and analysis of topline data for the Phase II Clinical Trial (as defined in the License Agreement) it was determined that the study failed to meet its primary efficacy endpoint. Under the License Agreement, the Subsidiary licensed certain intellectual property rights to TMB-002, a topical formulation of rapamycin for the treatment of facial angiofibromas, from AFT. Pursuant to the License Agreement, the Subsidiary was obligated to pay AFT certain milestone and royalty payments. Under the License Agreement, the Subsidiary was required to provide 120 days' prior written notice of termination to AFT which was waived by AFT on July 25, 2022. On the Termination Date, the rights and licenses to TMB-002 reverted to AFT, among other things, as set forth in the License Agreement. Selected Results of Operations and Financial Condition The Company disclosed selected preliminary operating results for the quarter ended June 30, 2022 and certain preliminary financial condition information as of June 30, 2022, as set forth below: * Net loss for the three and six months ended June 30, 2022 is expected to be approximately $9.4 million and $12.5 million, respectively, compared to $3.0 million and $4.8 million for the three and six months entered June 30, 2021, respectively. * The Company's net cash used in operating activities for the six months ended June 30, 2022 was approximately $8.5 million compared to $4.2 million for the six months ended June 30, 2021. * The Company ended the second quarter with approximately $8.3 million in cash and common shares outstanding of 63,753,834 at June 30, 2022. About Timber Pharmaceuticals Timber Pharmaceuticals, Inc. f/k/a BioPharmX Corporation -- http://www.timberpharma.com-- is a biopharmaceutical company focused on the development and commercialization of treatments for orphan dermatologic diseases. The Company's investigational therapies have proven mechanisms-of-action backed by decades of clinical experience and well-established CMC (chemistry, manufacturing and control) and safety profiles. The Company is initially focused on developing non-systemic treatments for rare dermatologic diseases including congenital ichthyosis (CI), facial angiofibromas (FAs) in tuberous sclerosis complex (TSC), and localized scleroderma. Timber Pharmaceuticals reported a net loss of $10.64 million for the year ended Dec. 31, 2021, compared to a net loss of $15.12 million for the year ended Dec. 31, 2020. Short Hills, New Jersey-based KPMG LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2022, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. TRIDENT BRANDS: Incurs $753K Net Loss in First Quarter ------------------------------------------------------ Trident Brands Incorporated filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $752,984 on zero revenue for the three months ended Feb. 28, 2022, compared to a net loss of $539,358 on $144,048 of net revenues for the three months ended Feb. 28, 2021. As of Feb. 28, 2022, the Company had $898,735 in total assets, $32.82 million in total liabilities, and a total stockholders' deficit of $31.92 million. As of Feb. 28, 2022, the Company had $15,319 in cash and a working capital deficit of $9,622,943. The Company also has generated losses and has an accumulated deficit as of Feb. 28, 2022. The Company said these factors raise substantial doubt about the ability of the Company to continue as a going concern. Unless management is able to obtain additional financing, the Company may not be able to meet its funding requirements during the next 12 months. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1421907/000147793222005412/tdnt_10q.htm About Trident Brands Based in Brookfield, Wisconsin, Trident Brands Incorporated, f/k/a Sandfield Ventures Corp., was initially formed to engage in the acquisition, exploration and development of natural resource properties, but has since transitioned and is now focused on branded consumer products and food ingredients. The Company is in the early growth stage and has commenced commercial activities following a period of organization and development of its business plan. Trident Brands reported a net loss of $3.08 million for the 12 months ended Nov. 30, 2021, a net loss of $5.39 million for the 12 months ended Nov. 30, 2020, compared to a net loss of $12.22 million for the 12 months ended Nov. 30, 2019. As of Aug. 31, 2021, the Company had $1.61 million in total assets, $31.59 million in total liabilities, and a total stockholders' deficit of $29.97 million. MaloneBailey, LLP, in Houston, Texas, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 16, 2021, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. TRIDENT BRANDS: Incurs $783K Net Loss in Second Quarter ------------------------------------------------------- Trident Brands Incorporated filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $783,442 on $125,280 of net revenues for the three months ended May 31, 2022, compared to a net loss of $716,323 on $46,243 of net revenues for the three months ended May 31, 2021. For the six months ended May 31, 2022, the Company reported a net loss of $1.54 million on $125,280 of net revenues compared to a net loss of $1.26 million on $190,291 of net revenues for the six months ended May 31, 2021. As of May 31, 2022, the Company had $749,357 in total assets, $33.34 million in total liabilities, and a total stockholders' deficit of $32.59 million. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1421907/000147793222005413/tdnt_10q.htm About Trident Brands Based in Brookfield, Wisconsin, Trident Brands Incorporated, f/k/a Sandfield Ventures Corp., was initially formed to engage in the acquisition, exploration and development of natural resource properties, but has since transitioned and is now focused on branded consumer products and food ingredients. The Company is in the early growth stage and has commenced commercial activities following a period of organization and development of its business plan. Trident Brands reported a net loss of $3.08 million for the 12 months ended Nov. 30, 2021, a net loss of $5.39 million for the 12 months ended Nov. 30, 2020, compared to a net loss of $12.22 million for the 12 months ended Nov. 30, 2019. As of Aug. 31, 2021, the Company had $1.61 million in total assets, $31.59 million in total liabilities, and a total stockholders' deficit of $29.97 million. MaloneBailey, LLP, in Houston, Texas, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 16, 2021, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. TRINITA PARETE: Case Summary & 11 Unsecured Creditors ----------------------------------------------------- Debtor: Trinita Parete LLC 100 Broad Street 2nd Floor New York, NY 10004 Chapter 11 Petition Date: August 1, 2022 Court: United States Bankruptcy Court Southern District of New York Case No.: 22-11044 Judge: Hon. David S. Jones Debtor's Counsel: Marc Scolnick, Esq. LAW OFFICE OF MARC SCOLNICK 84-03 Cuthbert Road Suite 1B Kew Gardens, NY 11415 Tel: 718-554-6445 Fax: 347-475-0332 Email: marc@scolnicklaw.com Total Assets: $469,296 Total Liabilities: $2,413,157 The petition was signed by Anisa Moloney as member. A full-text copy of the petition containing, among other items, a list of the Debtor's 11 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/FITICGY/Trinita_Parete_LLC__nysbke-22-11044__0001.0.pdf?mcid=tGE4TAMA TRUTH DATA: Wins Interim Cash Collateral Access ----------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, authorized Truth Data Insights, LLC to use the cash collateral of the U.S. Small Business Administration on an interim basis in accordance with the budget, with a 10% variance. The SBA asserts it is secured in, among other collateral, substantially all the Debtor's accounts and other specified assets described in UCC-1 document number 977136870001 filed with the Texas Secretary of State and the proceeds thereof. As adequate protection, the Debtor will make monthly adequate protection payments to the Secured Lender in the amount of $731, beginning August 1, 2022, and will provide additional and replacement security interests and liens. The Replacement Liens will be equal to the aggregate diminution in value of the respective Collateral, if any, that occurs from and after the Petition Date. The Replacement Liens will be of the same validity and priority as the liens of Secured Lender on the respective Prepetition Collateral. The final hearing on the matter is scheduled for August 23 at 11 a.m. A copy of the motion is available at https://bit.ly/3vvfGkw from PacerMonitor.com. About Truth Data Insights, LLC Truth Data Insights, LLC is in the aviation flight data business located at 4200 S. Hulen St., Ste. 603, Ft. Worth, Texas 76109. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-41610) on July 20, 2022. In the petition signed by Peter Henrikson, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Mark X. Mullin oversees the case. Weldon L. Moore, III, Esq., at Sussman & Moore, LLP is the Debtor's counsel. TRX HOLDCO: Wins Cash Collateral Access Thru Aug 7 -------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, authorized TRX Holdco, LLC and Fitness Anywhere LLC, dba TRX and TRX Training, to use cash collateral on an interim basis in accordance with the budget, with a 15% variance, through August 7, 2022. The Debtors are permitted to use cash collateral to pay: (a) quarterly fees to the United States Trustee and any required Court costs; (b) in the ordinary course of business, the expenses set forth in the Debtors' Third Updated Budgets; and (c) up to $200,000 for the purchase of new inventory. The Woodforest National Bank is granted, on account of the Bank's interest in the Debtors' cash collateral, on account of the Debtors' post-petition use of cash collateral, adequate protection in the form of: (a) a replacement lien against the Debtors' post-petition assets (excluding any avoidance causes of action), to the extent of any post-petition diminution in the value of the Bank's collateral as a result of the Debtors' post-petition use of cash collateral; and (b) a superpriority administrative claim pursuant to Section 507(b) of the Bankruptcy Code to the extent of any post-petition diminution in the value of the Bank's prepetition collateral as a result of the Debtors' post-petition use of cash collateral. All replacement liens granted are valid, enforceable and fully perfected, and no filing or recordation or any other act in accordance with any applicable local, state, or federal law is necessary. A sixth interim hearing on the matter is scheduled for August 4 at 1:30 p.m. A copy of the order is available at https://bit.ly/3BrBLEq from PacerMonitor.com. About TRX Holdco, LLC TRX Holdco, LLC and Fitness Anywhere LLC, dba TRX and TRX Training, provide sporting and athletic goods. They sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 22-10948) on June 8, 2022. In the petition signed by Brent Leffel, chairman of the Board of Managers of TRX Holdco, LLC, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Scott C. Clarkson oversees the case. Ron Bender, Esq., at Levene, Neale, Bender, Yoo and Golubchick LLP, is the Debtor's counsel. TVS CONSTRUCTION: Hearing Today on Continued Cash Collateral Use ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, authorized TVS Construction Services, LLC to use cash collateral on an interim basis in accordance with the budget through August 2, 2022. A continued preliminary hearing on this matter is set for August 2 at 10:30 a.m. The Debtor is permitted to use cash collateral to pay: (a) amounts expressly authorized by the Court, including payments to the United States Trustee for quarterly fees; (b) the current and necessary expenses set forth in the budget; and (c) additional amounts as may be expressly approved in writing by the US Small Business Administration as creditor -- which approval will not be unreasonably withheld -- within 48 hours of the Debtor's request. The Debtor will be entitled to prompt court hearings on any disputed proposed expenditures. As adequate protection, the SBA will have a perfected post-petition lien against cash collateral to the same extent and with the same validity and priority as the pre-petition lien, without the need to file or execute any documents as may otherwise be required under applicable nonbankruptcy law. The Debtor will maintain insurance coverage for its property in accordance with the obligations under the loan and security documents with the Creditor. A copy of the order and the Debtor's budget for the period from July to December 2022 is available at https://bit.ly/3oC0rSQ from PacerMonitor.com. The Debtor projects $220,000 in gross sales and $188,160 in total operating expenses. About TVS Construction Services, LLC TVS Construction Services, LLC is a construction company that offers clients a broad scope of services with over 25 years of combined construction experience in Metal Framing, Drywall, Acoustical Ceilings, and Insulation. Project experience ranges from single family residential construction, multi-story condominiums to interior build-outs, office buildings, academic and institutional. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-02312) on June 29, 2022. In the petition signed by Terry V. Savage, managing member, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Grace E. Robson oversees the case. Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC is the Debtor's counsel. VANGUARD ROOFING: Seeks to Hire Conway Law Group as Counsel ----------------------------------------------------------- Vanguard Roofing, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to employ Conway Law Group, PC as its legal counsel. The firm's services include: (a) advising the Debtor with respect to its powers and duties in the continued management and operation of its assets; (b) advising and consulting on the conduct of the Debtor's Chapter 11 case, including all of the legal requirements of operating in Chapter 11; (c) attending meetings and negotiating with representatives of the Debtor's creditors and other parties in interest; (d) taking all necessary action to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending any actions commenced against the Debtor, and representing the Debtor's interests in negotiations concerning all litigation in which the Debtor is involved, including objections to claims filed against the estate; (e) preparing legal papers; (f) advising the Debtor in connection with any potential sale of its assets; (g) appearing before the court; (h) taking any necessary action to negotiate, prepare and obtain approval of the Debtor's Chapter 11 plan; and (i) performing all other necessary legal services. The firm will charge these hourly fees: Martin Conway, Esq. $425 Other Attorneys $425 Paralegals $150 As disclosed in court filings, Conway Law Group is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Martin C. Conway, Esq. Conway Law Group, PC 12934 Harbor Drive, Suite 107 Woodbridge, VA 22192 Tel: (703) 783-9935 Email: martin@conwaylegal.com About Vanguard Roofing Vanguard Roofing, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No. 22-60697) on July 18, 2022, listing as much as $500,000 in both assets and liabilities. Martin C. Conway, Esq. at Conway Law Group, PC represents the Debtor as counsel. VCH RANCH: Court OKs Interim Cash Collateral Access --------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, authorized VCH Ranch-Florida, LLC to use cash collateral on an interim basis in accordance with the budget. The Debtor is permitted to use cash collateral to pay: (a) amounts expressly authorized by the Court, (b) the current and necessary expenses set forth in the budgets, plus an amount not be exceed 10% for each line item; and (c) additional amounts as may be expressly approved in writing by Farm Credit of Florida, ACA. The Secured Creditor and any other party with a security interest or other interest in cash collateral will have a perfected post-petition lien or interest against cash collateral to the same extent and with the same validity and priority as its prepetition lien or interest, without the need to file or execute any document as may otherwise be required under applicable non-bankruptcy law. As adequate protection, the Debtor will provide the Secured Creditor with: a. Quarterly payments of $5,000 each with the first payment being made on June 1, 2022 and every subsequent quarter thereafter until further Court order pursuant to the budget. b. A post-petition replacement lien or interest in cash collateral equal in validity and dignity as it existed pre-petition. c. The Debtor will timely perform all obligations of a debtor-in-possession required by the Bankruptcy Code and orders of the Court. The Debtor will maintain insurance coverage for its property in accordance with the obligations under the loan and security documents with the Secured Creditor. The Debtor will provide proof of insurance upon written request. A continued preliminary hearing on the matter is scheduled for September 14, 2022 at 10:30 a.m. A copy of the order and the Debtor's budget for the period from May to October 2022 is available at https://bit.ly/3OHIaOO from PacerMonitor.com. The Debtor provides for total expenses, on a monthly basis, as follows: $44,118 for May 2022; $42,118 for June 2022; $57,118 for July 2022; $57,118 for August 2022; $62,118 for September 2022; and $57,118 for October 2022. About VCH Ranch - Florida VCH Ranch - Florida, LLC owns and operates a cattle ranch in Arcadia, Florida. VCH Ranch sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00129) on Feb. 1, 2022, listing up to $1 million in assets and up to $500,000 in liabilities. Judge Caryl E. Delano oversees the case. Alberto F. Gomez, Jr., Esq., at Johnson Pope Bokor Ruppel & Burns, LLP serves as the Debtor's legal counsel. VERIPHYR INC: Files for Chapter 7 Bankruptcy -------------------------------------------- Veriphyr has filed for Chapter 7 bankruptcy. Sonya Herrera of Bay Area Inno reports that Veriphyr, a health privacy company based in Mountain View, plans to shut down and liquidate its assets. The business, which offered a service that helped health care providers comply with privacy laws, submitted a petition for Chapter 7 bankruptcy July 26, 2022. In its petition, Veriphyr said it had between $0 and $50,000 in assets and $1 million to $10 million in debts. Founded in 2009 by Alan Norquist, Veriphyr didn't announce raising any venture funding in its history, according to PitchBook Data. It's unclear how many employees it had. Among Veriphyr's creditors is Grover Norquist, presumably the head of Americans for Tax Reform. The company's bankruptcy documents list Grover Norquist's address as being the same as that for ATR's headquarters. It was unclear if or how Alan and Grover Norquist are related, but Veriphyr's documents also list among its creditors David Norquist and the trusts for Carol and Warren Norquist, giving the same address as for Grover Norquist. Grover Norquist, the head of ATR, has a brother named David and parents whose names were Carol and Warren. Prior to founding Veriphyr, Alan Norquist, who served as the company's CEO, worked as a marketing executive at a succession of companies, including Autonomic Networks and Imperva Inc., according to his LinkedIn page. About Veriphyr Veriphyr Inc. is a Mountain View, California company that offers health privacy service. Veriphyr sought protection under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 22-50654) on July 26, 2022. In its petition, the Debtor estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The case is overseen by Honorable Bankruptcy Judge Stephen L. Johnson. The Debtor's counsel: Richard A. Lapping Trodella & Lapping LLP 540 Pacific Ave. San Francisco, CA 94133 Tel: (415) 399-1015 A meeting of creditors will be held on Aug. 17, 2022 at 9:00 AM via Tele/Videoconference - www.canb.uscourts.gov/calendars VTV THERAPEUTICS: Names Paul Sekhri as President, CEO ----------------------------------------------------- vTv Therapeutics Inc. announced that Paul Sekhri will lead the Company as president and chief executive officer, effective Aug. 1, 2022. Rich Nelson, who has been serving as interim chief executive officer since March 2, 2022, will continue to support the company as executive vice president, corporate development and as a member of the Board of Directors. Mr. Sekhri will also join vTv's Board of Directors. Paul joins vTv as it sets to launch Phase 3 pivotal studies for its most advanced product, TTP399, which was granted Breakthrough Therapy designation by the U.S. Food and Drug Administration (FDA) in April 2021 as an oral adjunctive therapy for the treatment of T1D. Positive results from the Phase 2 study showed treatment with TTP399 resulted in a statistically significant improvement in HbA1c relative to placebo and a clinically meaningful 40% decrease in the frequency of severe and symptomatic hypoglycemia. Last month, vTv announced a $25 million investment by G42 Investments AI Holding RSC Ltd. and entry into a collaboration and license agreement with affiliates of G42 Healthcare whereby G42's affiliate will be funding a significant portion of the Phase 3 clinical trials for TTP399. "While I've served in the Interim CEO role for the past four months, we diligently searched for the right candidate to steer the company through this final stage of TTP399 development and are highly confident that Paul is the right person for the role," said Rich Nelson. "We are thrilled to have Paul join vTv at this very exciting time in the company's lifecycle as we actively engage in activities in preparation of the initiation of our Phase 3 trials and continue to have positive discussions with institutions in the biotech community about further investment in vTv. Paul brings extensive experience as CEO of several prominent healthcare companies and has strong ties to the biotech investment community. We are very excited to have Paul on board and I look forward to continuing to support vTv in my new role and to support Paul in his." Mr. Sekhri brings nearly 30 years of healthcare experience, including serving as president and CEO of several healthcare companies such as eGenesis, Lycera Corp., Cerimon Pharmaceuticals, as well as senior business development and strategy roles at Sanofi, Teva Pharmaceutical Industries Ltd., TPG Biotech, Cerimon, Ariad Pharmaceuticals and Novartis Pharma AG. He has been a director on more than 30 private, public company and non-profit boards and is currently a Director at Ipsen, S.A., Compugen, Pharming N.V., Veeva Systems, Longboard, Spring Discovery and eGenesis. Additionally, he is on the Board of Directors of the Metropolitan Opera. "During my long career as a biotechnology executive, I have been attracted to truly novel therapeutic approaches that address serious medical challenges and/or improve patient care," said Mr. Sekhri. "T1D is a challenging enough disease for patients to manage without also having to worry about hypoglycemia. A treatment that significantly reduces the risk of hypoglycemia while also improving Hb1Ac would be a significant advance for treating this disease. I look forward to working with the vTv team to initiate and successfully complete our Phase 3 trials." On July 25, 2022, Mr. Sekhri entered into an employment agreement with the Company. The Sekhri Employment Agreement provides for an at will term with a base salary of not less than $480,000, and a cash bonus of 75% of his base salary, based on achievement of performance targets. The Sekhri Employment Agreement also provides for the grant of stock options to purchase 2,200,000 shares of the Class A common stock of the Company at an exercise price of $0.79 per share pursuant to an inducement award agreement. Subject to potential acceleration upon the achievement of certain performance metrics as set forth in the Inducement Award Agreement, 25% of the Options will vest on the first anniversary of the grant date and the remaining 75% of the Options will vest quarterly over three years thereafter. Upon certain terminations of employment, a portion of the Options will vest on a pro rata basis based on the number of days employed during the four-year term. The grant of Options was made as an inducement grant under NASDAQ Listing Rule 5635(c)(4). About vTv Therapeutics vTv Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing oral small molecule drug candidates. vTv has a pipeline of clinical drug candidates led by programs for the treatment of type 1 diabetes, Alzheimer's disease, and inflammatory disorders. vTv's development partners are pursuing additional indications in type 2 diabetes, chronic obstructive pulmonary disease (COPD), and genetic mitochondrial diseases. vTv Therapeutics reported a net loss attributable to the company of $12.99 million for the year ended Dec. 31, 2021, a net loss attributable to the company of $8.50 million for the year ended Dec. 31, 2020, and a net loss attributable to the company of $13.04 million for the year ended Dec. 31, 2019. As of March 31, 2022, the Company had $20.19 million in total assets, $13.91 million in total liabilities, $14.37 million in redeemable noncontrolling interest, and a total stockholders' deficit attributable to the company of $8.09 million. Raleigh, North Carolina-based Ernst & Young LLP, the Company's auditor since 2000, issued a "going concern" qualification in its report dated March 29, 2022, citing that the Company has not generated any product revenue, has not achieved profitable operations, has insufficient liquidity to sustain operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. VTV THERAPEUTICS: Wins $10 Million Investment From CinPax --------------------------------------------------------- vTv Therapeutics Inc. has entered into agreements that include a $10 million investment by CinPax, LLC, a subsidiary of CinRx Pharma, LLC. Under the terms of the agreements, CinPax acquired 4,154,549 shares of Class A Common Stock of vTv at an issue price of approximately $2.41 per share, with $6 million paid in cash at closing, and the remaining amount of $4 million payable on Nov. 22, 2022. The agreements also provide for the issuance of 1.2 million warrants to CinRx to acquire additional shares of Class A Common Stock that become exercisable upon agreed vesting triggers (including FDA approval of TTP399). In addition to the investment, the agreements set forth the terms under which vTv will leverage the CinRx team's industry experience to collaborate on the oversight of the clinical trials for pharmaceutical products that contain TTP399. "We have been hard at work on TTP399 since obtaining Breakthrough Therapy Designation from the FDA in April 2021 and are thrilled to welcome another partner to work with us to accelerate the development and potential approval and commercialization of this treatment. In addition to the $10 million investment, the CinRx team brings exceptional industry experience in developing therapeutics. On top of last month's announcement of G42 Healthcare's $25 million investment into vTv, this investment provides additional funding towards our Phase 3 clinical trials for TTP399," said Rich Nelson, interim chief executive officer of vTv. Dr. Jon Isaacsohn, chief executive officer of CinRx, who has been involved in the clinical development of countless therapeutics, is expected to join the vTv Board of Directors. Dr. Isaacsohn noted "CinRx values the new partnership with the team at vTv. We believe that TTP399 has the potential to reduce the frequency of hypoglycemic events in type 1 diabetics, thus easing the burden of managing their disease and allowing for tighter long-term diabetic control." About vTv Therapeutics vTv Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing oral small molecule drug candidates. vTv has a pipeline of clinical drug candidates led by programs for the treatment of type 1 diabetes, Alzheimer's disease, and inflammatory disorders. vTv's development partners are pursuing additional indications in type 2 diabetes, chronic obstructive pulmonary disease (COPD), and genetic mitochondrial diseases. vTv Therapeutics reported a net loss attributable to the company of $12.99 million for the year ended Dec. 31, 2021, a net loss attributable to the company of $8.50 million for the year ended Dec. 31, 2020, and a net loss attributable to the company of $13.04 million for the year ended Dec. 31, 2019. As of March 31, 2022, the Company had $20.19 million in total assets, $13.91 million in total liabilities, $14.37 million in redeemable noncontrolling interest, and a total stockholders' deficit attributable to the company of $8.09 million. Raleigh, North Carolina-based Ernst & Young LLP, the Company's auditor since 2000, issued a "going concern" qualification in its report dated March 29, 2022, citing that the Company has not generated any product revenue, has not achieved profitable operations, has insufficient liquidity to sustain operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. WEBER INC: S&P Downgrades ICR to 'CCC+', On CreditWatch Negative ---------------------------------------------------------------- S&P Global Ratings lowered all of its ratings on U.S.-based Weber Inc., including its issuer credit rating to 'CCC+' from 'B', and placed them on CreditWatch with negative implications. The CreditWatch reflects the potential for a downgrade if the company cannot improve liquidity, including through covenant relief, additional capital, and stabilized operating performance. The downgrade reflects Weber's continued underperformance and S&P's view that its capital structure is not sustainable without a significant improvement in profitability. Weber announced in a pre-earnings release on July 25, 2022, that sales and EBITDA for its third quarter (ended June 30) will be significantly weaker than prior estimates and withdrew guidance for fiscal 2022. Weber withdrew its fiscal 2022 outlook due to slowing retail traffic resulting from inflationary pressures, supply chain disruptions, and changing consumer shopping behaviors. Substantial freight cost increases, foreign currency headwinds, and increased promotional activity to sell through inventory also weighed on profits. Weber outlined that it anticipates third-fiscal-quarter sales will decline about 21% over the prior-year period and company-adjusted EBITDA will be marginally profitable. This announcement was paired with the departure of CEO Chris Scherzinger. S&P said, "We expect sales declines to accelerate in the fourth fiscal quarter, resulting in an 18% drop in fiscal 2022 from 2021. Given the disappointing expected finish to the selling season, we now forecast marginally positive EBITDA and negative free operating cash flow, resulting in high-teens leverage in fiscal 2022. We view this as unsustainable, absent a significant rebound in profitability." Based on its expectations for a continued challenging environment, the company has taken proactive measures to align spending to lower sales volumes. These include suspending its dividend (about $50 million annually), operating expense controls including work force reductions, and tightening its working capital position. However, the savings likely won't take hold until well into fiscal 2023 and will come with related one-time costs. Weber could face a liquidity crisis if it does not address its springing first-lien net leverage covenant. The company indicated in the pre-earnings announcement its intention to work with lenders to remain in compliance with covenants. The $300 million revolver has a 7x first-lien net leverage ratio covenant, which springs when drawings exceed 35%, or $105 million. S&P said, "Given the earnings recovery likely won't take hold until well into fiscal 2023 at the earliest, we expect leverage well over 7x in the coming quarters. Weber's borrowing needs likely won't trigger covenant tests in quarters three and four of fiscal 2022 given these are generally working capital inflow periods. However, Weber has significant working capital requirements in its fiscal first quarter as it prepares for its next selling season. We believe it would need access to borrowings well over the $105 million. As such, we believe liquidity will become severely constrained in its first quarter of fiscal 2023 absent covenant relief from lenders or another capital infusion." S&P has limited visibility into operating performance improvement in fiscal 2023. Given the weakening macroeconomic landscape (greater recession risk) and extraordinary inflation pressuring consumer spending behavior, we forecast a difficult recovery in 2023. Despite recent product price increases to offset input cost inflation, Weber stepped up promotional activity in the third fiscal quarter. This followed weaker than expected sell-through for the three-month period ended June 30, which in turn led to bloated retail channel inventory. If successful, promotional activity from Weber and other grill category players could relieve channel inventory and improve prospects for sell-in reorders, though it will likely hurt profit margins. S&P believes Weber's promotional activity over the next 12 months will fluctuate based on the state of the economy, supply chain constraints, and competitors' actions. In addition, commodity inflation and freight costs have yet to abate. Although Weber will pursue cost restructuring to offset the profitability pressure, the size, realization timeline, and one-time costs associated with such actions remain unknown. Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Risk management, culture, and oversight S&P said, "The CreditWatch negative reflects that we could lower our or affirm our ratings over the next few months depending on the company's ability to solidify its liquidity position. We expect to resolve the CreditWatch after Weber successfully negotiates covenant relief with its lenders or secures other sources of funding to solidify its liquidity ahead of its peak selling season and we review the company's forecast for the remainder of 2022 into 2023." ESG credit indicators: To E-2, S-2, G-4 from E-2, S-2, G-3 S&P said, "We revised our governance indicator to G-4 from G-3. Governance factors are a negative consideration in our credit rating analysis, given Weber's recent severe earnings misses caused in part by poor strategic planning and effectiveness navigating the currently volatile environment." WHITE RABBIT: Wins Cash Collateral Access Thru Aug 31 ----------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington at Vancouver authorized White Rabbit Ventures, Inc., dba Matrix Roofing, and Home Solutions dba Matrix Roof+Home to use cash collateral on a further interim basis in accordance with the budget through August 31, 2022. The U.S. Small Business Administration is granted a replacement lien in the Debtor's postpetition assets, to the same extent, validity, and priority it had in the Debtor's prepetition assets, excluding any security interests in avoidance actions pursuant to Sections 506(c), 544, 545, 547, 548, and 549 of the Bankruptcy Code, and without prejudice to the ability of the Debtor or its creditors to contest the amount, validity and priority of the replacement lien. A continued hearing on the matter is scheduled August 30 at 9 p.m. by telephone. A copy of the order and the Debtor's budget for August 2022 is available at https://bit.ly/3Jj1WyZ from PacerMonitor.com. The Debtor projects $242,302 in total expenses, including $109,985 in cost of goods and $88,000 in payroll. About White Rabbit Ventures, Inc. White Rabbit Ventures, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 22-40173) on February 14, 2022. In the petition signed by Wendy J. Marvin, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Mary Jo Heston oversees the case. Geoffrey Groshong, Esq., at Groshong Law PLLC is the Debtor's counsel. WINDSOR FALLS: Condo Association Files Subchapter V Case -------------------------------------------------------- Windsor Falls Condominium Association, Inc. filed for chapter 11 protection in the Middle District of Florida. The Debtor filed as a small business debtor seeking relief under Subchapter V of Chapter 11 of the Bankruptcy Code. The Debtor is the homeowner's association for Windsor Falls Condominiums in Jacksonville, Florida. The Debtor serves the needs of 384 homeowners. It collects dues from each homeowner and provides services related to the management of the community and the maintenance of common areas and amenities. The Debtor owns the business property of 8189 Cabin Lake Drive, Jacksonville, Florida 32256 which is its onsite administration building. The Debtor's mailing address is 7400 Baymeadows Way, Suite 317, Jacksonville, Florida 32256, which is the office of its community manager. The Debtor says its ordinary operations are stable but it has sought bankruptcy protection due to litigation. In 2014, the Debtor initiated litigation against the master builder for alleged construction defects. On May 26, 2022, the Debtor's former attorney obtained a judgment in excess of $2.3 million. That creditor has undertaken aggressive collection efforts on the judgment, including the issuance of writs of garnishment against the Debtor's bank accounts. As of the Petition Date, those efforts have caused the Debtor to be unable to access its funds in order to operate its business and pay its other creditors, and have threatened the Debtor's viability. According to court filing, Windsor Falls estimates between 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Sept. 7, 2022 at 10:00 a.m. in Room Telephonically on the following conference line: 866-718-3566 (participant passcode: 2721444#). About Windsor Falls Condominium Association Windsor Falls Condominium Association Inc. is the homeowner's association for Windsor Falls Condominiums in Jacksonville, Florida. It serves the needs of 384 homeowners. Windsor Falls filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code on (Bankr. M.D. Fla. Case No. 22-01491) on July 27, 2022. In the petition filed by Ray Walz, as president, the Debtor estimated assets between $1 million and $10 million and liabilities between $1 million and $10 million. Robert Altman has been appointed as Subchapter V trustee. Robert D Wilcox, of Wilcox Law Firm, is the Debtor's counsel. ZAYAT STABLES: Unsecureds Get Only $30K From $5-Mil. Deal --------------------------------------------------------- T. D. Thornton of Thoroughbred Daily News reports that the court-appointed trustee in the nearly two-year-old Zayat Stables involuntary bankruptcy case is proposing a settlement in which Ahmed Zayat and his family members would pay $5 million to be allocated between MGG Investment Group and the trustee. Of that amount, only $30,000 is earmarked to eventually go to "unsecured creditors," some of whom are Thoroughbred industry participants owed money by Zayat Stables and are much further down the legal pecking order for otherwise getting repaid. MGG will also get a disbursement from the funds in the bankruptcy trustee's account amounting to $1,025,145. In return, MGG -- the lender that alleged Zayat and his family members obtained a $24 million loan by fraud in 2016 then never repaid it -- will issue a “waiver” giving up any further pursuit of the total $27.1 million total amount it had been seeking as a secured creditor. MGG has also agreed to return $452,500 of the settlement money it gets from the "Zayat Parties" to the trustee, which will provide for the above-mentioned $30,000 "carve-out" that gets set aside to pay unsecured creditors. The trustee will then be permitted to use $185,981 of that MGG payment to cover "administrative obligations" that the estate has incurred. "[E]ntry into the Settlement Agreement serves the paramount interest of the creditors of the Debtor's estate," trustee Jeffrey Testa wrote in a July 26 series of documents filed in United States Bankruptcy Court (District of New Jersey). "Resolution of the claims by and between the Chapter 7 Trustee MGG and the Zayat Parties through the Settlement Agreement represents a successful outcome for the Debtor's creditors." Not every creditor is going to agree with the trustee on that "successful outcome" statement. Drew Mollica, the attorney for New York-based trainer Rudy Rodriguez, told TDN in a phone interview that his client has an unsecured claim of $397,000, and the $30,000 set aside for all unsecured claimants amounts only to a "drop in the bucket" for what Rodriguez is owed. "Although I don't know all of the details and I'm going to reach out to the trustee, it seems the only carve-out for anybody but MGG is $30,000," Mollica said. "And all of the other unsecured claimants are in the same boat." It's important to note that this involuntary bankruptcy petition involving Zayat Stables is different from the Chapter 7 personal bankruptcy claim that the allegedly impoverished breeder and owner of Triple Crown champ American Pharoah initiated Sept. 8, 2020, when he claimed to own just $300 in cash and $14.22 in two checking accounts. Six days later, on Sept. 14, 2020, an involuntary bankruptcy petition led by Zayat's former financial advisor was initiated against Zayat's family racing business. Involuntary bankruptcy proceedings are relatively uncommon in United States courts. They are designed to protect creditors, not debtors, and are often filed against companies (as opposed to individuals) as an attempt to get paid when it is believed that a firm is rapidly burning through assets and/or financial malfeasance is alleged. The trustee could have elected to keep battling MGG to try and whittle down the sought-after $27.1 million. But Testa explained in court documents that the proceedings had reached a point where resistance equated to a losing proposition for the estate. "Litigation against MGG would involve sufficiently complex legal and factual issues, particularly regarding the substance of complex loan documents and the establishment of lender liability, which would require protracted hard-fought and arduous litigation and significant expert costs," Testa wrote. "In addition, as a result of MGG's properly-perfected status and outstanding amounts owed to it, the Chapter 7 Trustee has no encumbered funds to fight such a taxing battle," Testa wrote. "As to the Zayat Parties, litigation against them would be equally challenging, demanding, complex, and come at significant additional cost and delay," Testa wrote. "In addition, based on the litigious history of this proceeding, any judgment obtained would almost certainly be subject to an appeal." "The Settlement Agreement avoids these obstacles in favor of a prompt and efficient resolution without the need to expend further estate resources," Testa wrote. Other family members of Ahmed Zayat (identified in court documents as his wife, Joanne; four children, Justin, Ashley, Benjamin and Emma, plus a brother, Sherif) are on the hook for contributing to the $5-million settlement payment because, Testa wrote, "The Zayat Parties strenuously asserted that to their detriment they provided funds to Zayat Stables in an effort to keep the entity operating [by contributing] approximately $2.5 million more to Zayat Stables than the transfers they had received from Zayat Stables." The proposed settlement agreement even includes a section related to who gets the trophies and other racing mementos that the trustee has been storing since their seizure from the under-receivership Zayat Stables offices. "Zayat and several of the Zayat Parties objected to the removal of the Memorabilia based upon the position that the Memorabilia were not estate property," Testa wrote. The trustee added that he now considers that property "abandoned," which likely means that Zayat can reclaim it. "So it looks like he keeps the trophies, and the horsemen who earned the trophies get nothing," Mollica said. The next step in the process is for the court to approve the settlement. If other parties file an objection by Aug. 16, then an Aug. 23, 2022 hearing will take place to hear the objection(s). If no one objects, the court will enter a notice of "no objection" and the settlement will be completed as proposed. Asked if he would be objecting on behalf of Rodriguez, Mollica said, "I'll know more after I reach out to the trustee. I'll reserve my right." About Zayat Stables Headquartered in Hackensack, New Jersey, Zayat Stables owned 203 thoroughbred horses. The horses, which are collateral for the bank loan, are worth $37 million, according to an appraisal mentioned in a court paper. Ahmed Zayat said in a court filing that he personally invested $40 million in the business. The Company filed for Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 10-13130) on Feb. 3, 2010. The Company estimated $10 million to $50 million in assets and the same range of liabilities as of the bankruptcy filing. The Debtor tapped Cole, Schotz, Meisel, Forman & Leonard, P.A., as bankruptcy counsel. Ahmed A. Zayat, the owner of the Triple Crown-winning horse American Pharoah, filed for personal bankruptcy protection (Bankr. D.N.J. 20-20387) on Sept. 8, 2020, seeking to discharge more than $19 million of debts. He disclosed $1.9 million in assets and $19.4 million in liabilities in the bankruptcy petition. Zayat's stables were listed as insolvent, according to a Bloomberg report. [*] Akin Gump's Fred Lee Joins Gibson Dunn as Dallas Partner ------------------------------------------------------------ Gibson, Dunn & Crutcher LLP on Aug. 1, 2022, disclosed that Fred Lee has joined the firm as a partner in the Dallas office. Mr. Lee, formerly a partner at Akin Gump Strauss Hauer & Feld LLP, will continue his corporate debt finance practice at Gibson Dunn. "Fred is a welcome addition to the firm," said Barbara L. Becker, Chair and Managing Partner of Gibson Dunn. "Fred's substantial experience will enhance the firm's offerings in increasingly critical types of finance transactions, including sponsor-side acquisition finance transactions in conjunction with our Private Equity Practice Group and distressed financing in conjunction with our Business Restructuring and Reorganization Practice Group -- both of which are strategic focus areas for the firm." "Fred has built a reputation as a highly regarded and versatile finance partner with the ability to work seamlessly across private equity, finance and distressed finance transactions," said Aaron F. Adams, Co-Chair of the Global Finance Practice Group. "Fred has directed his practice toward the New York alternative capital/hedge fund market and represents the core institutions regularly at the center of private credit and distressed finance transactions. We are delighted to have him on board." "I am extremely excited to have Fred joining the team," said Scott J. Greenberg, Co-Chair of the Business Restructuring and Reorganization Practice Group. "We know Fred well from being across the table from him in many transactions over the years and have the utmost respect for his substantive skillset as well as the way he carries himself in these often complicated and intense situations. As the restructuring work continues to pick up, having Fred on the team will enhance our ability to continue delivering the best work product and results to our clients." "Gibson Dunn is a world-class firm in finance, private equity and restructuring, and this integrated platform is a perfect fit for the next chapter of my career," said Lee. "I look forward to practicing together and collaborating with my new colleagues across these key practice areas." About Fred Lee Mr. Lee focuses on corporate debt finance with an emphasis on representing sponsors and portfolio companies in acquisition financings, refinancings, leveraged recapitalizations and other portfolio company financings, as well as representing creditor groups in distressed and restructuring transactions (both out of court and in court) and representing credit funds in direct lending transactions. He also conducts risk arbitrage analysis for special situations investors, assessing potential credit investments. Before joining Gibson Dunn, Lee was a partner at Akin Gump where he practiced since 2006. He graduated from Yale Law School in 2004. About Gibson Dunn Gibson, Dunn & Crutcher LLP -- https://www.gibsondunn.com/ -- is a leading international law firm. Consistently ranking among the world's top law firms in industry surveys and major publications, Gibson Dunn is distinctively positioned in today's global marketplace with 1,600 lawyers and 20 offices, including Beijing, Brussels, Century City, Dallas, Denver, Dubai, Frankfurt, Hong Kong, Houston, London, Los Angeles, Munich, New York, Orange County, Palo Alto, Paris, San Francisco, Sao Paulo, Singapore, and Washington, D.C. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- 7GC & CO HOLD-A VII US 230.8 216.5 -0.9 7GC & CO HOLDING VIIAU US 230.8 216.5 -0.9 ACCELERATE DIAGN AXDX* MM 70.4 -56.8 52.9 AEMETIS INC DW51 GR 166.5 -128.6 -46.6 AEMETIS INC AMTX US 166.5 -128.6 -46.6 AEMETIS INC AMTXGEUR EU 166.5 -128.6 -46.6 AEMETIS INC AMTXGEUR EZ 166.5 -128.6 -46.6 AEMETIS INC DW51 GZ 166.5 -128.6 -46.6 AEMETIS INC DW51 TH 166.5 -128.6 -46.6 AEMETIS INC DW51 QT 166.5 -128.6 -46.6 AERIE PHARMACEUT AERIEUR EU 395.5 -125.7 201.7 AERIE PHARMACEUT 0P0 GR 395.5 -125.7 201.7 AERIE PHARMACEUT 0P0 TH 395.5 -125.7 201.7 AERIE PHARMACEUT 0P0 QT 395.5 -125.7 201.7 AERIE PHARMACEUT AERI US 395.5 -125.7 201.7 AERIE PHARMACEUT 0P0 GZ 395.5 -125.7 201.7 AIR CANADA AC CN 29,724.0 -1,159.0 2,055.0 AIR CANADA ADH2 QT 29,724.0 -1,159.0 2,055.0 AIR CANADA ACEUR EZ 29,724.0 -1,159.0 2,055.0 AIR CANADA ACEUR EU 29,724.0 -1,159.0 2,055.0 AIR CANADA ADH2 TH 29,724.0 -1,159.0 2,055.0 AIR CANADA ADH2 GR 29,724.0 -1,159.0 2,055.0 AIR CANADA ACDVF US 29,724.0 -1,159.0 2,055.0 AIR CANADA ADH2 GZ 29,724.0 -1,159.0 2,055.0 ALPHA CAPITAL -A ASPC US 230.5 209.5 -1.8 ALPHA CAPITAL AC ASPCU US 230.5 209.5 -1.8 ALTICE USA INC-A 15PA GZ 33,144.1 -626.6 -1,994.4 ALTICE USA INC-A ATUS US 33,144.1 -626.6 -1,994.4 ALTICE USA INC-A ATUSEUR EU 33,144.1 -626.6 -1,994.4 ALTICE USA INC-A 15PA GR 33,144.1 -626.6 -1,994.4 ALTICE USA INC-A 15PA TH 33,144.1 -626.6 -1,994.4 ALTICE USA INC-A ATUS* MM 33,144.1 -626.6 -1,994.4 ALTICE USA INC-A ATUS-RM RM 33,144.1 -626.6 -1,994.4 ALTIRA GP-CEDEAR MOC AR 36,746.0 -2,403.0 -4,225.0 ALTIRA GP-CEDEAR MO AR 36,746.0 -2,403.0 -4,225.0 ALTIRA GP-CEDEAR MOD AR 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC MO* MM 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC PHM7 TH 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC MO TE 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC MOEUR EU 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC PHM7 GR 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC MO US 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC MO SW 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC ALTR AV 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC PHM7 GZ 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC 0R31 LI 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC MO CI 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC MOUSD SW 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC MOEUR EZ 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC PHM7 QT 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP INC MO-RM RM 36,746.0 -2,403.0 -4,225.0 ALTRIA GROUP-BDR MOOO34 BZ 36,746.0 -2,403.0 -4,225.0 AMC ENTERTAINMEN AMC US 10,345.4 -2,178.3 -261.3 AMC ENTERTAINMEN AH9 GR 10,345.4 -2,178.3 -261.3 AMC ENTERTAINMEN AMC4EUR EU 10,345.4 -2,178.3 -261.3 AMC ENTERTAINMEN AMC* MM 10,345.4 -2,178.3 -261.3 AMC ENTERTAINMEN AH9 QT 10,345.4 -2,178.3 -261.3 AMC ENTERTAINMEN AH9 TH 10,345.4 -2,178.3 -261.3 AMC ENTERTAINMEN AH9 GZ 10,345.4 -2,178.3 -261.3 AMC ENTERTAINMEN AMC-RM RM 10,345.4 -2,178.3 -261.3 AMC ENTERTAINMEN A2MC34 BZ 10,345.4 -2,178.3 -261.3 AMERICAN AIR-BDR AALL34 BZ 67,963.0 -8,422.0 -4,245.0 AMERICAN AIRLINE AAL US 67,963.0 -8,422.0 -4,245.0 AMERICAN AIRLINE A1G GR 67,963.0 -8,422.0 -4,245.0 AMERICAN AIRLINE AAL* MM 67,963.0 -8,422.0 -4,245.0 AMERICAN AIRLINE A1G TH 67,963.0 -8,422.0 -4,245.0 AMERICAN AIRLINE A1G GZ 67,963.0 -8,422.0 -4,245.0 AMERICAN AIRLINE AAL11EUR EU 67,963.0 -8,422.0 -4,245.0 AMERICAN AIRLINE AAL AV 67,963.0 -8,422.0 -4,245.0 AMERICAN AIRLINE AAL TE 67,963.0 -8,422.0 -4,245.0 AMERICAN AIRLINE A1G SW 67,963.0 -8,422.0 -4,245.0 AMERICAN AIRLINE 0HE6 LI 67,963.0 -8,422.0 -4,245.0 AMERICAN AIRLINE AAL11EUR EZ 67,963.0 -8,422.0 -4,245.0 AMERICAN AIRLINE A1G QT 67,963.0 -8,422.0 -4,245.0 AMERICAN AIRLINE AAL-RM RM 67,963.0 -8,422.0 -4,245.0 AMERICAN AIRLINE AAL_KZ KZ 67,963.0 -8,422.0 -4,245.0 AMPLIFY ENERGY C AMPY US 456.1 -113.0 -84.2 AMPLIFY ENERGY C 2OQ TH 456.1 -113.0 -84.2 AMPLIFY ENERGY C MPO2EUR EU 456.1 -113.0 -84.2 AMPLIFY ENERGY C 2OQ GR 456.1 -113.0 -84.2 AMPLIFY ENERGY C MPO2EUR EZ 456.1 -113.0 -84.2 AMPLIFY ENERGY C 2OQ GZ 456.1 -113.0 -84.2 AMPLIFY ENERGY C 2OQ QT 456.1 -113.0 -84.2 AMYRIS INC AMRS* MM 898.4 -125.9 204.7 AMYRIS INC A2MR34 BZ 898.4 -125.9 204.7 ARCH BIOPARTNERS ARCH CN 2.0 -3.9 -0.5 ARENA GROUP HOLD AREN US 171.3 -11.1 -16.1 ASHFORD HOSPITAL AHT US 4,038.2 -37.1 0.0 ASHFORD HOSPITAL AHD GR 4,038.2 -37.1 0.0 ASHFORD HOSPITAL AHT1EUR EU 4,038.2 -37.1 0.0 ASHFORD HOSPITAL AHD TH 4,038.2 -37.1 0.0 ATLAS TECHNICAL ATCX US 510.4 -138.7 83.4 AUTOZONE INC AZ5 GR 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZ5 TH 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZO US 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZ5 GZ 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZOEUR EZ 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZO AV 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZ5 TE 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZO* MM 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZOEUR EU 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZ5 QT 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC AZO-RM RM 14,520.6 -3,387.2 -1,809.4 AUTOZONE INC-BDR AZOI34 BZ 14,520.6 -3,387.2 -1,809.4 AVID TECHNOLOGY AVID US 245.1 -130.0 -21.2 AVID TECHNOLOGY AVD GR 245.1 -130.0 -21.2 AVID TECHNOLOGY AVD TH 245.1 -130.0 -21.2 AVID TECHNOLOGY AVD GZ 245.1 -130.0 -21.2 AVIS BUD-CEDEAR CAR AR 23,573.0 -983.0 -934.0 AVIS BUDGET GROU CUCA GR 23,573.0 -983.0 -934.0 AVIS BUDGET GROU CAR US 23,573.0 -983.0 -934.0 AVIS BUDGET GROU CAR* MM 23,573.0 -983.0 -934.0 AVIS BUDGET GROU CAR2EUR EZ 23,573.0 -983.0 -934.0 AVIS BUDGET GROU CUCA TH 23,573.0 -983.0 -934.0 AVIS BUDGET GROU CUCA QT 23,573.0 -983.0 -934.0 AVIS BUDGET GROU CAR2EUR EU 23,573.0 -983.0 -934.0 AVIS BUDGET GROU CUCA GZ 23,573.0 -983.0 -934.0 BATH & BODY WORK LTD0 GR 4,860.0 -2,658.0 512.0 BATH & BODY WORK BBWI US 4,860.0 -2,658.0 512.0 BATH & BODY WORK LTD0 TH 4,860.0 -2,658.0 512.0 BATH & BODY WORK BBWI* MM 4,860.0 -2,658.0 512.0 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-8,761.2 -1,563.2 STARBUCKS-CEDEAR SBUXD AR 29,021.5 -8,761.2 -1,563.2 STARBUCKS-CEDEAR SBUX AR 29,021.5 -8,761.2 -1,563.2 STONEMOR INC STON US 1,785.5 -157.5 120.7 STONEMOR INC 3V8 GR 1,785.5 -157.5 120.7 STONEMOR INC STONEUR EU 1,785.5 -157.5 120.7 TEMPUR SEALY INT TPX US 4,404.4 -180.9 248.1 TEMPUR SEALY INT TPD GR 4,404.4 -180.9 248.1 TEMPUR SEALY INT TPXEUR EU 4,404.4 -180.9 248.1 TEMPUR SEALY INT TPD TH 4,404.4 -180.9 248.1 TEMPUR SEALY INT TPD GZ 4,404.4 -180.9 248.1 TEMPUR SEALY INT T2PX34 BZ 4,404.4 -180.9 248.1 TEMPUR SEALY INT TPX-RM RM 4,404.4 -180.9 248.1 TERRAN ORBITAL C LLAP US 170.0 -34.2 57.7 TORRID HOLDINGS CURV US 567.2 -254.9 -74.5 TRANSDIGM GROUP TDG US 18,841.0 -2,893.0 5,263.0 TRANSDIGM GROUP T7D GR 18,841.0 -2,893.0 5,263.0 TRANSDIGM GROUP TDG* MM 18,841.0 -2,893.0 5,263.0 TRANSDIGM GROUP T7D TH 18,841.0 -2,893.0 5,263.0 TRANSDIGM GROUP TDGEUR EU 18,841.0 -2,893.0 5,263.0 TRANSDIGM GROUP T7D QT 18,841.0 -2,893.0 5,263.0 TRANSDIGM GROUP TDGEUR EZ 18,841.0 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1,243.4 -266.1 131.7 TUPPERWARE BRAND TUP TH 1,243.4 -266.1 131.7 TUPPERWARE BRAND TUP1EUR EZ 1,243.4 -266.1 131.7 TUPPERWARE BRAND TUP QT 1,243.4 -266.1 131.7 UBIQUITI INC UI US 759.7 -335.0 301.9 UBIQUITI INC 3UB GR 759.7 -335.0 301.9 UBIQUITI INC UBNTEUR EU 759.7 -335.0 301.9 UBIQUITI INC 3UB TH 759.7 -335.0 301.9 UNISYS CORP USY1 GR 2,277.0 -79.6 331.3 UNISYS CORP USY1 TH 2,277.0 -79.6 331.3 UNISYS CORP UIS US 2,277.0 -79.6 331.3 UNISYS CORP UIS SW 2,277.0 -79.6 331.3 UNISYS CORP UISEUR EU 2,277.0 -79.6 331.3 UNISYS CORP USY1 GZ 2,277.0 -79.6 331.3 UNISYS CORP USY1 QT 2,277.0 -79.6 331.3 UNISYS CORP UISEUR EZ 2,277.0 -79.6 331.3 UNITI GROUP INC UNIT US 4,889.9 -2,092.0 0.0 UNITI GROUP INC 8XC GR 4,889.9 -2,092.0 0.0 UNITI GROUP INC 8XC TH 4,889.9 -2,092.0 0.0 UNITI GROUP INC 8XC GZ 4,889.9 -2,092.0 0.0 UROGEN PHARMA LT URGNEUR EU 165.7 -17.1 141.4 UROGEN PHARMA LT UR8 GR 165.7 -17.1 141.4 UROGEN PHARMA LT URGN US 165.7 -17.1 141.4 VECTOR GROUP LTD VGR US 912.6 -840.7 291.7 VECTOR GROUP LTD VGR GR 912.6 -840.7 291.7 VECTOR GROUP LTD VGREUR EU 912.6 -840.7 291.7 VECTOR GROUP LTD VGREUR EZ 912.6 -840.7 291.7 VECTOR GROUP LTD VGR TH 912.6 -840.7 291.7 VECTOR GROUP LTD VGR QT 912.6 -840.7 291.7 VECTOR GROUP LTD VGR GZ 912.6 -840.7 291.7 VERISIGN INC VRSN US 1,762.5 -1,455.0 -5.0 VERISIGN INC VRS GR 1,762.5 -1,455.0 -5.0 VERISIGN INC VRS TH 1,762.5 -1,455.0 -5.0 VERISIGN INC VRSNEUR EU 1,762.5 -1,455.0 -5.0 VERISIGN INC VRS GZ 1,762.5 -1,455.0 -5.0 VERISIGN INC VRSN* MM 1,762.5 -1,455.0 -5.0 VERISIGN INC VRSNEUR EZ 1,762.5 -1,455.0 -5.0 VERISIGN INC VRS QT 1,762.5 -1,455.0 -5.0 VERISIGN INC VRSN-RM RM 1,762.5 -1,455.0 -5.0 VERISIGN INC-BDR VRSN34 BZ 1,762.5 -1,455.0 -5.0 VERISIGN-CEDEAR VRSN AR 1,762.5 -1,455.0 -5.0 VIVINT SMART HOM VVNT US 2,713.2 -1,753.9 -540.0 VIVINT SMART HOM V2VN34 BZ 2,713.2 -1,753.9 -540.0 VMWARE INC-BDR V2MW34 BZ 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A BZF1 GR 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A BZF1 TH 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A VMW US 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A BZF1 SW 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A BZF1 GZ 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A VMW* MM 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A VMWEUR EZ 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A VMWA AV 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A VMWEUR EU 27,434.0 -411.0 -2,249.0 VMWARE INC-CL A BZF1 QT 27,434.0 -411.0 -2,249.0 W&T OFFSHORE INC WTI US 1,350.1 -249.4 3.4 W&T OFFSHORE INC UWV GR 1,350.1 -249.4 3.4 W&T OFFSHORE INC WTI1EUR EU 1,350.1 -249.4 3.4 W&T OFFSHORE INC UWV TH 1,350.1 -249.4 3.4 W&T OFFSHORE INC UWV GZ 1,350.1 -249.4 3.4 WAYFAIR INC- A W US 4,256.0 -1,904.0 481.0 WAYFAIR INC- A W* MM 4,256.0 -1,904.0 481.0 WAYFAIR INC- A 1WF QT 4,256.0 -1,904.0 481.0 WAYFAIR INC- A WEUR EU 4,256.0 -1,904.0 481.0 WAYFAIR INC- A 1WF GZ 4,256.0 -1,904.0 481.0 WAYFAIR INC- A WEUR EZ 4,256.0 -1,904.0 481.0 WAYFAIR INC- A 1WF GR 4,256.0 -1,904.0 481.0 WAYFAIR INC- A 1WF TH 4,256.0 -1,904.0 481.0 WEBER INC - A WEBR US 1,878.4 -194.1 274.3 WEWORK INC-CL A WE US 20,686.0 -1,860.0 -1,002.0 WEWORK INC-CL A 9WE GR 20,686.0 -1,860.0 -1,002.0 WEWORK INC-CL A 9WE TH 20,686.0 -1,860.0 -1,002.0 WEWORK INC-CL A WE1EUR EU 20,686.0 -1,860.0 -1,002.0 WEWORK INC-CL A 9WE QT 20,686.0 -1,860.0 -1,002.0 WEWORK INC-CL A 9WE GZ 20,686.0 -1,860.0 -1,002.0 WEWORK INC-CL A WE* MM 20,686.0 -1,860.0 -1,002.0 WINGSTOP INC WING1EUR EU 395.4 -415.5 156.8 WINGSTOP INC WING US 395.4 -415.5 156.8 WINGSTOP INC EWG GR 395.4 -415.5 156.8 WINGSTOP INC EWG GZ 395.4 -415.5 156.8 WINMARK CORP WINA US 27.1 -68.8 2.0 WINMARK CORP GBZ GR 27.1 -68.8 2.0 WW INTERNATIONAL WW6 GR 1,419.4 -449.3 41.0 WW INTERNATIONAL WW US 1,419.4 -449.3 41.0 WW INTERNATIONAL WW6 TH 1,419.4 -449.3 41.0 WW INTERNATIONAL WW6 GZ 1,419.4 -449.3 41.0 WW INTERNATIONAL WTWEUR EZ 1,419.4 -449.3 41.0 WW INTERNATIONAL WTW AV 1,419.4 -449.3 41.0 WW INTERNATIONAL WTWEUR EU 1,419.4 -449.3 41.0 WW INTERNATIONAL WW6 QT 1,419.4 -449.3 41.0 WW INTERNATIONAL WW-RM RM 1,419.4 -449.3 41.0 WYNN RESORTS LTD WYR TH 12,179.3 -1,033.3 1,511.4 WYNN RESORTS LTD WYNN* MM 12,179.3 -1,033.3 1,511.4 WYNN RESORTS LTD WYNN US 12,179.3 -1,033.3 1,511.4 WYNN RESORTS LTD WYR GR 12,179.3 -1,033.3 1,511.4 WYNN RESORTS LTD WYNNEUR EU 12,179.3 -1,033.3 1,511.4 WYNN RESORTS LTD WYR GZ 12,179.3 -1,033.3 1,511.4 WYNN RESORTS LTD WYNNEUR EZ 12,179.3 -1,033.3 1,511.4 WYNN RESORTS LTD WYR QT 12,179.3 -1,033.3 1,511.4 WYNN RESORTS LTD WYNN-RM RM 12,179.3 -1,033.3 1,511.4 WYNN RESORTS-BDR W1YN34 BZ 12,179.3 -1,033.3 1,511.4 YELLOW CORP YEL GR 2,405.7 -386.9 191.2 YELLOW CORP YELL US 2,405.7 -386.9 191.2 YELLOW CORP YEL1 TH 2,405.7 -386.9 191.2 YELLOW CORP YEL QT 2,405.7 -386.9 191.2 YELLOW CORP YRCWEUR EU 2,405.7 -386.9 191.2 YELLOW CORP YRCWEUR EZ 2,405.7 -386.9 191.2 YELLOW CORP YEL GZ 2,405.7 -386.9 191.2 YUM! BRANDS -BDR YUMR34 BZ 5,816.0 -8,491.0 54.0 YUM! BRANDS INC TGR TH 5,816.0 -8,491.0 54.0 YUM! BRANDS INC TGR GR 5,816.0 -8,491.0 54.0 YUM! BRANDS INC YUM* MM 5,816.0 -8,491.0 54.0 YUM! BRANDS INC TGR GZ 5,816.0 -8,491.0 54.0 YUM! BRANDS INC YUM US 5,816.0 -8,491.0 54.0 YUM! BRANDS INC YUMUSD SW 5,816.0 -8,491.0 54.0 YUM! BRANDS INC YUMEUR EZ 5,816.0 -8,491.0 54.0 YUM! BRANDS INC YUM AV 5,816.0 -8,491.0 54.0 YUM! BRANDS INC TGR TE 5,816.0 -8,491.0 54.0 YUM! BRANDS INC YUMEUR EU 5,816.0 -8,491.0 54.0 YUM! BRANDS INC TGR QT 5,816.0 -8,491.0 54.0 YUM! BRANDS INC YUM SW 5,816.0 -8,491.0 54.0 YUM! BRANDS INC YUM-RM RM 5,816.0 -8,491.0 54.0 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***